DoorDash Stock Gives Q4 Whiplash, Analysts Defend Bull Case

by | Feb 19, 2026 | General

DoorDash, Inc. (NASDAQ:DASH) shares were volatile Thursday as investors weighed top and bottom line Q4 misses against robust growth in Marketplace Gross Order Volume (GOV). 

The delivery giant reported quarterly earnings of 48 cents per share, missing the analyst consensus of 60 cents. Revenue reached $3.96 billion, marking a 38% year-over-year increase, yet fell short of the $3.99 billion anticipated by Wall Street.

DoorDash stock fell immediately following the report on Wednesday, recovered by double-digits Thursday morning and then slid again throughout the trading session.

Expert Ideas

Both Guggenheim and BofA Securities maintained a Buy rating on DoorDash, but the firms offered differing perspectives on the stock’s valuation and focus areas. 

Despite the headline misses, analyst reports from Guggenheim and BofA Securities highlighted underlying strength in DoorDash’s core operations, and the firms remain largely bullish on the company’s long-term trajectory. 

Guggenheim analyst Michael Morris highlighted DoorDash’s steady progress on its 2026 investment roadmap, despite lowering its price target due to broader market conditions.

  • Price Target: Lowered to $255 (from $275), citing “multiple contraction in-line with the broader tech sector” rather than internal performance issues.
  • Key Optimism: Noted that U.S. Restaurant trends showed the second strongest growth rate in fifteen quarters.
  • Segment Breakeven: Projected that Grocery and Retail (G&R) will reach unit economic breakeven and International (excluding Deliveroo) will become contribution profit positive in the second-half of 2026. 
  • Tech Roadmap: Emphasized that the new tech platform—the core of current investment—will be largely complete by the end of 2026.

BofA analyst Justin Post viewed DoorDash’s Q4 report as a “clearing event” for margin fears, raising its price objective based on improving efficiency in new business lines.

  • Price Objective: Raised to $272 (from $260).
  • Deliveroo Perspective: Viewed the acquisition as a massive TAM (Total Addressable Market) expander, noting that Deliveroo GOV is already accelerating under DoorDash’s leadership.
  • Margin Outlook: Confident that second-half EBITDA will be “up significantly” compared to the first half of the year, addressing investor concerns about near-term margin pressure.

Photo: Diego Thomazini via Shutterstock