DoorDash (NYSE:DASH) moved about 4% higher in pre-market Thursday after the company offered a better-than-expected full-year forecast.
DASH posted a loss per share of $0.44 on revenue of $2.13 billion, which compares to the consensus for loss per share of $0.41 on revenue of $2.06B. Orders rose 25% year-over-year to 532 million.
The marketplace gross order value jumped 26% to $16.47B.
For this quarter, the company sees a marketplace gross order value of $16B, ahead of the consensus of $15.4B. For FY23, the marketplace gross order value is now seen at $64.7B, up from the prior forecast of $63.75B, and the consensus of $62.66B.
The adjusted EBITDA is expected at $245M for Q3 and $900M for the full year, which compares to the consensus of $192.1M and $825.9M, respectively.
Wells Fargo analysts boosted the price target by $18 to $88 per share.
“Story firing on all cylinders but remain EW on pot'l for new category investment above expectations in 2024 & valuation,” they said.
Morgan Stanley analysts also raised the price target as they went to $95 from the prior $72 per share.
“While we remain EW (largely on valuation), we look to be opportunistic on pullbacks on this leading delivery platform,” they said.