Cantor Fitzgerald reiterates DoorDash stock rating on strong growth

Cantor Fitzgerald has reaffirmed its Overweight rating and $240.00 price target for DoorDash Inc. (NASDAQ:DASH), citing the company's strong growth following its latest quarterly results and the announcement of a $17 billion acquisition. DoorDash surpassed analysts' expectations in both gross order value and EBITDA metrics, indicating a solid performance.

The company's order growth in core operations, excluding restaurant ordering platforms, rose by 17% year-over-year despite a more challenging comparison, driven by U.S. restaurant business expansion. DoorDash's revenue has grown by 35% over the past year, reaching $17.06 billion, and the company has been profitable over the last twelve months with earnings of $2.41 per share.

DoorDash announced plans to acquire CART for $17 billion, expected to close in late 2027 or early 2028, which would make the combined entity one of the largest global delivery marketplaces, boasting annual gross order value exceeding $200 billion. Cantor Fitzgerald believes the CART acquisition is highly synergistic, offering benefits in product, go-to-market, and operations.

The firm sees the takeout multiple of 11 times second-year EBITDA as attractive and believes DoorDash is undervalued at the current trading price of $180.98. InvestingPro analysis suggests further upside potential, and the firm has increased its fiscal 2027 estimates for both gross order value and EBITDA. DoorDash's recent solid third-quarter 2026 performance, particularly in the U.S. restaurant sector, supports Cantor Fitzgerald's optimistic outlook, which predicts the company will solidify its position as the leading global player in the delivery market over the next three to five years.