Following DoorDash's strong fourth-quarter earnings, Bank of America predicts its potential inclusion in the S&P 500 index could boost the food delivery stock's price. The 12-year-old company met analysts' revenue expectations and achieved GAAP profitability for two consecutive quarters, fulfilling the criteria for S&P 500 inclusion. Analyst Michael McGovern suggests a similar timeline to Uber's entry into the index, which occurred three weeks after meeting eligibility requirements. BofA raised its price target to $245, implying a 27% rally from Monday's close.
Following DoorDash 's latest earnings report, Bank of America sees its possible entry into the S & P 500 index as a potential near-term driver for shares in the food delivery stock. The 12-year-old, San Francisco-based DoorDash on Tuesday beat analysts' fourth-quarter revenue expectations, according to FactSet.
With those profitability hurdles cleared, DoorDash may soon be invited into the S & P 500 by S & P Dow Jones Indices, which decides who is in and who is out of the index. As precedent, McGovern pointed to Uber , whose entry into the S & P 500 was announced three weeks after it become eligible following third-quarter results in 2023. McGovern raised his price target by nearly 20%, or $40, to $245 on Wednesday, implying DoorDash can rally 27% from Monday's close.
DOOR DASH S&P 500 BANK OF AMERICA EARNINGS PROFITABILITY
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