Analyst Note
| Ali Mogharabi |DoorDash posted strong revenue growth and while contribution margin widened year over year, the firm missed on the bottom line as investments in new markets increased further. We were pleased to see continuing indications that DoorDash’s network effect is strengthening, which likely will aid the firm in providing additional delivery services. While management increased its full-year gross order volume guidance, our projection remains at the top of the range. We are maintaining our $163 fair value estimate and believe the narrow-moat name is attractive.