Following Doordash's latest revenue report, Bank of America sees its potential entry into the S&P 500 index as a potential short-term driver for stocks in food delivery inventory. According to FactSet, 12-year-old San Francisco-based Doordash on Tuesday broke analysts' fourth-quarter earnings expectations. Doordash also measured by two requirements for inclusion in the Benchmark S&P 500, as measured in the most recent quarter with the commonly accepted accounting principles (GAAP) and the collection of the last four quarters. It was profitable. Bofa analyst Michael McGovern wrote a letter to his client on Wednesday. With these profitability hurdles cleared, Doordash could soon be invited to the S&P 500 by the S&P Dow Jones index. As a precedent, McGovern pointed out Uber. Uber was announced three weeks after its entry into the S&P 500 following its third quarter results in 2023. McGovern raised its price target to 20% ($40) ($40) ($40) $245 on Wednesday. If you imply a Doordash, you can collect 27% from the end of Monday. The new price target is the highest on the street, based on analysts voted by LSEG. Bofa also repeated the purchase ratings, along with most Wall Street analysts. Doordash's shares rose nearly 4% in early trading on Wednesday, bringing annual progress to 18% and pushing rallies over the past year to 67%, according to Factset data.
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