Stifel on Tuesday lowered its price target for DoorDash Inc. (NASDAQ: DASH) to $224 from $253, while retaining a Hold rating on the food delivery company. The updated target remains modestly higher than DoorDash's then-current share price of $207.55, but InvestingPro analytics suggest the stock is trading close to its Fair Value.
The change in Stifel's outlook comes as market participants prepare for a key earnings milestone. DoorDash is set to report results for the first full quarter that will capture the effects of its Deliveroo integration and the company’s replatforming work. Those items are expected to influence the company’s margin profile, and the earnings release is scheduled for February 18, which the report states is 22 days away.
Stifel said market sentiment around DoorDash has "taken a step back" amid lingering uncertainty about how the Deliveroo acquisition will translate into financial performance. To reflect that uncertainty, the firm has adjusted its forecasts to incorporate the Deliveroo impact and positioned its projections "slightly below Street" estimates as a more conservative stance.
Despite the sentiment change noted by Stifel, InvestingPro data cited in the analysis shows DoorDash delivered robust top-line growth over the prior year, with revenue up 24.46% on a trailing-twelve-month basis. Analysts, the report adds, are forecasting roughly 28% sales growth for the current year.
Stifel indicated it is seeking "more comfort in the Deliveroo integration" before becoming more bullish on DoorDash's outlook, signaling that near-term clarity on integration outcomes and margin trends will be important for any future upward revisions.
The report also summarized other recent developments at DoorDash. In its third-quarter 2025 earnings report, the company disclosed a new investment cycle that will require spending of "hundreds of millions of dollars" in 2026. Despite investor concern about the scale of that investment, Bernstein has maintained an Outperform rating and set a $285 price target for the stock.
Operationally, DoorDash has expanded its on-demand offering through a partnership with Hibbett to deliver footwear, apparel, and accessories across the United States. The companies said the collaboration will focus on strengthening service in markets where Hibbett has a strong presence, particularly in the Southeast and Southwest.
On the leadership front, Milan Kovac, formerly Vice President of Optimus Robotics and Autopilot at Tesla, joined DoorDash's Board of Directors effective January 16, 2026, according to the report.
Other broker actions included KeyBanc Capital Markets trimming its price target to $275 from $280 while keeping an Overweight rating and noting growth in food delivery usage. Citizens reiterated a Market Outperform rating and a $285 price objective, pointing to DoorDash's competitive advantages and a large total addressable market. Collectively, the cited analyst moves and corporate developments were characterized as reflecting DoorDash's strategic push to expand market presence and enhance leadership capabilities.
For investors, the coming earnings print that incorporates the Deliveroo integration and replatforming will be the primary near-term data point to assess whether the company's investments and deal-related execution are translating into expected financial outcomes.