DoorDash (DASH)

Jan 12, 2022Trade Ideas

Keep an eye on DoorDash (DASH).

After crashing to $130, the delivery stock appears to have found strong double bottom support, with oversold RSI, MACD, and Williams’ %R. From a current price of $143.64, we’d like to see the DASH stock challenge $160 shortly.

Evercore analyst Mark Mahaney also upgraded the stock to outperform with a price target of $256 a share. The analyst argues the stock is fundamentally oversold, and that DASH is still a “strong fundamental” asset, as noted by Barron’s.

“Another positive, Mahaney writes, is that the company is expanding dramatically beyond its traditional market. He notes that deliveries outside of prepared food, such as groceries, are 12% of the total. Mahaney sees strong growth for the company’s DoorDash Drive white-label logistics service, and points to international growth via both the recent Wolt acquisition and organic initiatives.”

With momentum returning, we could be looking at a strong, long-term opportunity here – especially as we near earnings in February.

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