Evercore ISI upgraded DASH to "outperform"
DoorDash Inc (NYSE:DASH) earned an upgrade to "outperform" from "in line" at Evercore ISI earlier, with a $256 price target. The analyst in coverage also added the equity to its "Tactical Action & Positioning Outperform" list, calling DASH a "structural Covid-19 winner" as the platform expands beyond just food delivery. In response, the equity was last seen 1.9% higher to trade at $146.30.
Call traders coming out of the woodwork today. The security's normally quiet options pits have seen 5,612 calls already cross the tape, which is double the amount typically seen at this point. The two most popular contracts are the weekly 1/14 150 and 152.50-strike calls, with new positions being opened at both.
When we last covered DoorDash stock, Gordon Haskett noted the equity's Covid-19 tailwinds. Analyst sentiment hasn't changed much since then, though now six of the 13 firms in question call DASH a "buy" or better, while the remaining seven recommend a tepid "hold."
Today's positive price action saw DASH move above $150 for the first time in 2022. In addition, DoorDash stock is once again supported by the 20-day moving average, which thwarted a small push higher in late December. Still, the shares are off by nearly 24% year-over-year, with multiple long-term trendlines acting as resistance on the charts.