Evercore ISI reiterated its outperform rating and $300 price target on DoorDash Thursday, pointing to a surge in DashPass subscribers and accelerating order growth as signals that the stock has roughly 45% upside from current levels.
Evercore ISI reiterated an outperform rating on DoorDash and maintained a $300 price target on the stock Thursday, arguing the food delivery company's accelerating subscriber growth and order momentum point to roughly 45% upside from Wednesday's close.
Analysts led by Mark Mahaney cited a sharp expansion in DashPass memberships as a central catalyst, writing in a note to clients that DoorDash "added more DashPass members than in the previous 24 months combined." The team also pointed to order growth accelerating at Deliveroo "for the 3rd consecutive quarter" and at core DoorDash operations.
"And per our analysis, the second-half marks an inflection point in terms of Dash recovering to consistent EBITDA Margin expansion. We see all these factors as key unlocks on DASH shares," Mahaney and his colleagues wrote.
The Evercore view aligns with the broader Wall Street consensus. Of 46 analysts tracked by LSEG, 36 currently rate DoorDash a buy or strong buy.
DoorDash reported second-quarter results after markets closed Wednesday. Total orders rose nearly 28% from a year earlier to 970 million, while gross order value climbed 36% to $33.1 billion over the same period, as subscribers leaned on the platform for both restaurant and grocery deliveries.
Revenue came in at $4.45 billion, topping the analyst consensus estimate of $4.34 billion compiled by FactSet. Earnings per share of 46 cents matched expectations, though that figure was down from 65 cents in the year-earlier period.
DoorDash shares rose approximately 3% Thursday in response to the results, reinforcing the stock's recent recovery. Over the past three months, shares are up 27%, though they remain down about 6% for 2026 as a whole.
The year-to-date decline reflects investor unease over the San Francisco-based company's spending on overseas expansion, non-restaurant delivery categories, and drone technology — a cost profile that has weighed on sentiment even as underlying operating metrics have strengthened.
Evercore's note signals that at least some on Wall Street believe the investment cycle is approaching a turning point, with the second half of 2026 potentially marking a shift toward more consistent margin improvement. Whether subscriber-driven order growth proves durable enough to justify that outlook will be a key measure to watch as DoorDash moves through the remainder of the year.
Marc Sabatini is a staff writer at TechEchelon covering enterprise software, cybersecurity, and the regulatory beats that shape both. He focuses on the deal flow and policy decisions that move markets.
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