DoorDash jumps after Gordon Haskett says the pandemic benefit may be back

Dec. 01, 2021 8:33 AM ETDoorDash, Inc. (DASH)By: Clark Schultz, SA News Editor3 Comments

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  • DoorDash (NYSE:DASH) trades higher after Gordon Haskett upgrades the food delivery stock to a Buy rating from Hold.
  • Analyst Robert Mollins: "We believe the recent share price pullback offers a compelling re-entry point – especially in the Omicron backdrop, which could lead to (1) upward [gross order value] revision (could drive an increase in consumer aversion to dining out in the near-term) and (2) multiple expansion (flight to COVID-safe names)."
  • Mollins thinks the commentary from vaccine/therapeutic manufacturers and the World Health Organization in particular could drive at least some consumers away from in-person dining to off-premise channels, which would benefit DoorDash and Uber Eats.
  • Shares of DASH are up 3.35% premarket to $184.75. Gordon Haskett's price target of $217 implies upside of 17% more. DASH trades below its 50-day and 100-day moving averages.

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