DoorDash Positioned As Clear Market Share Gainer With Growth In Grocery And Ads, Analyst Says, Upgrades Stock
DoorDash Positioned As Clear Market Share Gainer With Growth In Grocery And Ads, Analyst Says, Upgrades Stock
The analyst told DoorDash's second-quarter results eased many concerns about any significant impact from weaker consumer spending. Additionally, a broader set of reports showed resilience, and he left the second quarter viewing consumer softness as more localized than widespread.DoorDash, Inc (NASDAQ:DASH) stock surged Wednesday after KeyBanc analyst Justin Patterson upgraded the stock from Sector Weight to Overweight with a $177 price target.
納斯達克：達世幣（DASH）股價週三大漲，KeyBanc分析師Justin Patterson將股價由板塊權重調整爲超配，目標價爲177美元。
Patterson noted DoorDash as a clear share gainer in a secular growth category with emerging revenue streams from advertising and new verticals like grocery.
帕特森指出，DoorDash是一家明顯的份額獲得者，處於一個快速增長的領域，從廣告和像雜貨之類的新垂直領域獲得新的營收流。
When Patterson initiated DoorDash before second-quarter earnings, he was constructive on DoorDash's fundamentals and long-term opportunity but cautious on near-term consumer spending data points, particularly around restaurants.
在帕特森在門戶增長之前購買DoorDash的第二季度收益時，他對DoorDash的基本面和長期機會持肯定態度，但對近期消費者支出數據點持謹慎態度，特別是餐廳周圍的情況。
The analyst told DoorDash's second-quarter results eased many concerns about any significant impact from weaker consumer spending. Additionally, a broader set of reports showed resilience, and he left the second quarter viewing consumer softness as more localized than widespread.
分析師表示，DoorDash第二季度的結果減輕了許多關於較弱消費支出的擔憂。此外，一系列更廣泛的報告顯示了抵抗力，他在第二季度結束時認爲，消費者的軟弱更多地侷限在一定地區，而不是普遍存在。
His latest survey results reinforced that DoorDash is still distancing peers in food delivery and showing early signs of success with grocery.
他最新的調查結果強化了DoorDash在食品外賣方面與同行之間的距離，並顯示了DoorDash在雜貨方面初步取得成功的跡象。
In turn, the analyst noted that consensus is understating both Gross Order Volume (GOV) and EBITDA growth in 2025E (he is 2% and 3% above consensus) and 2026E (he is 3% and 6% above consensus). Rolling forward a 20 times Enterprise Value to EBITDA valuation to 2026E, Patterson reached a price target of $177.
此外，分析師指出，市場普遍低估了2025E的總訂單量（GOV）和EBITDA增長（他比市場預期高出2%和3%），以及2026E（他比市場預期高出3%和6%）。將20倍企業價值與EBITDA估值滾動至2026E，帕特森得出177美元的目標價。
Also Read: DoorDash Stock Is Moving Higher Wednesday: What's Going On?
另請查看：DoorDash股價週三上漲：發生了什麼？
After reviewing Patterson's third-quarter Mobility and Delivery Survey and model assumptions, he became more confident that DoorDash is gaining ground in its core and emerging verticals. This should sustain over 15% GOV growth and drive EBITDA of $3.5 billion by 2026E (~6% above consensus).
在審查帕特森的第三季度移動性和配送調查和模型假設後，他更有信心地認爲DoorDash正在其核心和新興領域贏得市場份額。這應該能夠維持15%以上的總訂單量（GOV）增長，並推動到2026E的35億美元的EBITDA（超出市場預期約6%）。
Patterson's latest survey showed ongoing gains in food delivery usage, with 39% using DoorDash the most, 23 points above Uber Technologies, Inc (NYSE:UBER), and in grocery, 8% using DoorDash the most, up by 300 bps since December 2023.
帕特森最新的調查顯示，外賣概念的使用持續增長，39%的人最常使用doordash，比Uber Technologies，Inc (紐交所:UBER)高出23個百分點，雜貨方面，8%的人最常使用doordash，自2023年12月以來增長了300個點子。
The analyst noted a strong core and ramp in new verticals should support his revised estimates for ~17% and 15% GOV growth in 2025E and 2026E (versus consensus of 15% and 13%) and EBITDA of $2.6 billion and $3.5 billion (3% and 6% above consensus).
該分析師指出，強勁的核心業務和新的垂直領域的增長應支撐他對2025年和2026年約17%和15%的GOV增長的修訂估計（相對於市場共識的15%和13%），以及26億美元和35億美元的EBITDA（高出3%和6%的共識）。
Price Action: DASH stock is up 1.27% at $143.48 at the last check on Wednesday.
價格走勢：達世幣股票在週三最後檢查時上漲了1.27%，報143.48美元。
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Photo courtesy: Shutterstock
圖片來源：shutterstock
譯文內容由第三人軟體翻譯。