Argus raised its price target for DoorDash, Inc. (NASDAQ:DASH) to $270 from $190. The firm reiterated its Buy rating while citing a robust balance sheet.
Analysts project grocery delivery will grow significantly faster than traditional restaurant meals. Lowering unit costs remains a primary driver for future profitability.
International expansion continues through the company's acquisition of Wolt Enterprises. DoorDash is also scaling new delivery verticals including apparel and electronics.
The rating update follows disclosed pre-planned stock sales by CEO Tony Xu. General Counsel Tia Sherringham also reported scheduled stock sales.