DoorDash (NASDAQ:DASH), the on-demand delivery platform operating in the United States, Canada, and Australia, has attracted a Buy recommendation from Deutsche Bank (ETR:DBKGn). The endorsement comes as the company experiences a notable increase in institutional interest.
On Thursday, Deutsche Bank initiated coverage on DoorDash, projecting robust prospects for the tech firm. The bank's analysts set their sights on an annual revenue estimate of $8.168 billion for DoorDash, which marks a slight 0.22% increase. Despite anticipating a non-GAAP EPS of -$2.44, the bank's positive outlook aligns with broader institutional sentiment.
The technology company, known for connecting local and national businesses with consumers seeking delivery services, has seen its institutional backing grow recently. Reports indicate that the total number of funds or institutions holding positions in DoorDash climbed by 5.96% to 889. This uptick in interest reflects growing confidence among investors in the delivery service provider's business model and market position.
Key movements within the shareholder base include Capital Research Global Investors and AGTHX - Growth Fund of America, which increased their stakes by 9.03% and 16.25%, reaching 20,056K and 18,128K shares respectively. Meanwhile, Shareholder Sc Us trimmed its holdings slightly by 6.10%, now owning 32,918K shares.
Earlier this month, on November 1, DoorDash's one-year price target was projected at $96.08, suggesting a modest potential upside of 0.97% from its closing price of $95.16 at that time. Price target forecasts varied widely, with the lowest at $47.47 and the highest reaching $131.25.
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