Morning Summary - Jun 23 2026

Research evidence excerpt

Morning Summary - Jun 23 2026

MORNING SUMMARY

June 23, 2026

ESTIMATE CHANGES

DOORDASH, INC. Buy

DASH – BUY – Structural or Cyclical? Waiting Game Persists, Long-

Term Opportunities Remain DASH $172.08 Price$255.00TargetTaylor Manley

804 253 1336, taylor.manley@guggenheimpartners.com

Current Q Next Q Current FY Next FY

Michael Morris, CFA

804 253 8025, michael.morris@guggenheimpartners.com $0.47 $0.76 $2.48 $4.56

CLICK HERE TO ACCESS THIS REPORT Market Cap (M) Metric Mult Curr Yr. Mult Next Yr.

Published on June 23, 2026 $74,978 EPS ($) - -

Key Message: Our BUY thesis is underpinned by the view that the Street underappreciates 1) margin expansion runway, 2) top-line growth durability, and

3) proprietary platform value. We believe each of these items have been pressured in 2026 YTD noting 1) underwhelming 2026 Adjusted EBITDA margin

guidance reaffirmed, 2) 1Q Order growth slowdown, and 3) heightened focus on AI-related disintermediation risk. More specifically, 2027 Adjusted EBITDA

margin (1/29 - Looming Hundreds of Million-Dollar Questions) remains the primary investor topic, though we do not expect a meaningful management

update until the 3Q call (October). We forecast 2027 Adjusted EBITDA margin of 3.1% (+36bps annually vs. +68bps avg. from 2022-2025). Additionally,

we expect the company to showcase top-line growth durability in quarters/years ahead with modest U.S. Restaurant slowdown partially offset by increased

contribution from 1) Grocery & Retail (‘G&R’), 2) International, and 3) Advertising. Lastly, we believe that AI narrative to date has primarily focused on risks

(e.g., disintermediation) rather than opportunities (e.g., first-party agentic offerings, third-party referral traffic). Ultimately, we do not believe 2026 Adjusted