DoorDash (DASH) re-platforming investments appear to be on track so far and are not affecting execution, with Deliveroo showing acceleration across key metrics, RBC Capital Markets said in a Thursday note.
The firm described Q1 as a solid, better-than-feared print, with stable GOV growth despite weather disruptions and margins holding up through the investment cycle.
Along with its quarterly earnings, DoorDash's management highlighted meaningful progress on its global technology platform in Q1, with foundational infrastructure in place across payments, fraud, support, subscriptions, merchant tooling and logistics and live production traffic ramping across all three brands, RBC said.
The brokerage said re-platforming remains a key investor concern but execution is tracking well so far and is not disrupting underlying business momentum.
DoorDash guided Q2 marketplace gross order value between $32.40 billion and $33.40 billion, about 1.5% above Wall Street estimates at the midpoint, while its EBITDA range of $770 million to $870 million was about 1% below consensus, RBC said, adding that commentary suggesting only minor investment spilling into 2027 appears constructive.
RBC kept its $270 price target, with an outperform rating.
Shares of DoorDash were down more than 1% in Thursday trading.
Price: $165.95, Change: $-2.03, Percent Change: -1.21%