DoorDash is poised to stage a comeback over the next few years, as its efforts to expand its market share in the U.S. and abroad begin to bear fruit, according to TD Cowen. The investment bank initiated coverage of DoorDash with a buy rating. It also put a $225 price target on shares, suggesting 27.3% upside from Friday's close. "DASH's US leadership, expanding Int'l presence, growing Grocery and Retail mix, and emerging ads and commerce offerings will support sustained growth and rising profitability," analyst John Blackledge said in a note to clients. Between 2025 and 2030, DoorDash's monthly active users and order frequency should increase at compound annual growth rates of 8% and 4%, respectively, per the analyst's forecasts. DoorDash is likely to secure those gains amid the expansion of its offerings from food to pet care, flowers, sporting goods and other e-commerce verticals, according to TD Cowen. It is also integrating artificial intelligence-fueled features into its platform, including personalized restaurant suggestions. DASH YTD mountain DoorDash has declined nearly 22% in the year to date. More broadly, DoorDash is expected to increase its share of the North American market to 52.6% in 2028 due to its "continued gains in the restaurant delivery business, largely at the expense of GrubHub, Instacart, and smaller platforms, alongside continued gains in Grocery [and] Retail," Blackledge wrote. Despite those catalysts, DoorDash stock has declined recently. Shares have given up more than one-fifth of their value in 2026, putting them more than nearly 40% off an intraday record high set in October. However, TD Cowen expects DoorDash to see more bullish momentum in the years ahead. "DASH will capture an increasing share of global food and retail commerce, supporting potential multiple expansion in the near to medium term," Blackledge wrote. TD Cowen's call falls in line with consensus on the Street. Of the 47 analysts covering DoorDash, 36 have a buy or strong buy rating on the stock, LSEG data shows.
