Analyst Note
| Ali Mogharabi |A solid network effect continued to propel narrow-moat DoorDash during the first quarter, with gross order value increasing 27% from the prior year (17% adjusted for the Wolt acquisition) to $15.9 billion, stronger than the $15.1 billion-$15.5 billion target that management had set in mid-February. Management also increased its GOV forecast for the full year to $63 billion-$64.5 billion from $60 billion-$63 billion, implying growth of 19% at the midpoint versus 15% previously. The firm continues to post steady gains in the core U.S. restaurant category while pushing rapidly into a variety of new categories and markets. We are maintaining our $155 fair value estimate and believe the shares remain attractive.