DoorDash (DASH.US) stock dropped 2.8% on Friday after RBC Capital Markets downgraded the food delivery platform to “sector perform” from “outperform” and cut the price target to $60 from $70 per share.
“DASH's execution & management are widely considered the class of the sector but approaching '23, we are uncomfortable with a potentially unfavorable risk/reward given likely hypersensitivity to order deceleration,” RBC analysts in a client note.
Start investing today or test a free demo
Open account Try demo Download mobile app Download mobile appCompany yesterday announced lay-off plans which may affect 1,250 positions which equals 7% of the current employee workforce. Also DoorDash expects that it will incur approximately $85 million in restructuring charges.
DoorDash (DASH.US) stock launched today's session sharply lower, however buyers managed to erase some losses after sellers failed to break below 50 SMA (green line). As long as price sits above upward correction towards 200 SMA (red line) may be launched. The nearest support to watch is located around recent lows at $41.60. Source: xStation5
This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
