Core Viewpoint - Goldman Sachs announced an agreement to acquire Industry Ventures to enhance its role in private markets, focusing on high-growth tech investments and liquidity solutions amid a post-IPO slowdown [1][7] Acquisition Details - The acquisition values Industry Ventures at an initial $665 million in cash and equity, with an additional $300 million in contingent payments based on performance through 2030, expected to close in Q1 2026 [2] - All 45 employees of Industry Ventures will be integrated into Goldman Sachs [2] Company Background - Industry Ventures, founded in 2000, manages $7 billion in assets, focusing on secondary investments, co-investments, and seed capital [3] - The firm has executed over 1,000 deals, partnering with over 325 venture funds and holding stakes in approximately 10,000 companies, representing about 20% of the U.S. VC ecosystem [4] Financial Performance - Industry Ventures' portfolio includes notable companies like Airbnb, Alibaba, and Uber, delivering a 2.2x return on capital and an 18% internal rate of return since inception [4] Strategic Implications for Goldman Sachs - The acquisition strengthens Goldman's External Investing Group, which manages over $450 billion, enhancing its capabilities in co-investments and secondary transactions [5] - Goldman has been a limited partner in Industry Ventures' funds for two decades, indicating a long-standing relationship that the acquisition builds upon [5][6] Market Context - The acquisition comes at a time when VC funds are facing prolonged IPO droughts, leading to increased reliance on secondary transactions for liquidity [7][8] - Analysts view the deal as timely, potentially accelerating Goldman's revenue streams in private markets [8]

TRUMP MARKET MOVES: Will These Be Next U.S. Equity Stakes? DoorDash (DASH) stock has rallied more than 60% this year but analysts see more room to run. The San Francisco-based food and grocery delivery stock was gaining Wednesday following positive analyst coverage in recent days. Guggenheim analyst Taylor Manley initiated coverage of DoorDash late Tuesday with a buy rating and price target of 330. Manley is positive on DoorDash's push to grow beyond restaurant delivery, comparing its expansion to the "ever ...

Core Viewpoint - BTIG and Guggenheim have initiated coverage on several major retail and delivery companies, providing ratings and price targets based on their market positions and growth potential. Group 1: Walmart (WMT) - BTIG initiated coverage with a Buy rating and a price target of $120, highlighting Walmart's integrated digital and physical strategy as a means to deliver value to customers and shareholders, positioning the company for market share and profit gains despite macro pressures [1]. Group 2: Target (TGT) - BTIG initiated coverage with a Neutral rating and no price target, noting that while Target's brand is relevant and differentiated, it faces intense competition from Walmart, Costco, and Amazon [1]. Group 3: Costco (COST) - BTIG initiated coverage with a Buy rating and a price target of $1,115, emphasizing Costco's significant customer loyalty which is expected to drive traffic and sales growth, and viewing the recent share pullback as a buying opportunity [1]. Group 4: DoorDash (DASH) - Guggenheim initiated coverage with a Buy rating and a price target of $330, forecasting that Marketplace gross order volume growth will outpace the overall delivery market growth, driven by volume, with grocery and retail investments transitioning from a profit drag to a tailwind over the intermediate to long term [1]. Group 5: Uber (UBER) and Lyft (LYFT) - Guggenheim also initiated coverage of Uber and Lyft with Buy ratings, indicating positive outlooks for both companies in the delivery and ride-sharing markets [1]. Group 6: Instacart (CART) - Guggenheim initiated coverage with a Neutral rating, suggesting a more cautious outlook compared to its peers [1]. Group 7: Nike (NKE) - BTIG initiated coverage with a Buy rating and a price target of $100, selecting Nike as a "Top Pick for 2026," while establishing FY26 and FY27 EPS estimates of $1.70 and $2.75, respectively, indicating confidence in the company's future performance despite acknowledging that there is still much work ahead [1].

DraftKings Trade - Ark Invest's ARK Innovation ETF purchased 236,289 shares of DraftKings, valued at approximately $8.12 million, with shares closing at $34.36 [2] - DraftKings is facing increased competition from emerging players like Kalshi, valued at $5 billion, leading to heightened activity in sports betting ETFs [2] Rocket Lab Trade - The ARK Space Exploration & Innovation ETF sold 53,917 shares of Rocket Lab, totaling approximately $3.7 million, with shares closing at $68.03 [3] - Morgan Stanley's endorsement raised Rocket Lab's price target to $68, comparing it to an early-stage SpaceX, which has increased interest in space-themed ETFs [4] - Rocket Lab's stock has surged over 25% in the last 30 days [4] DoorDash Trade - Ark's ARKX fund acquired 4,823 shares of DoorDash, resulting in a $1.3 million investment, with shares closing at $270.54 [5] - DoorDash is expected to surpass Uber in free cash flow growth due to its strong U.S. market position and international expansion [5] - JP Morgan upgraded DoorDash's rating to Overweight with a new price target of $325, emphasizing its market presence and growth potential [5]

Core Viewpoint - DoorDash is expected to outperform Uber in free cash flow, driven by strong U.S. cash generation, international expansion through Deliveroo, and the acquisition of SevenRooms, with anticipated double-digit growth in gross order value (GOV) and margins as uncertainty in the rideshare sector increases [1][7]. Company Positioning - DoorDash holds the leading position in the U.S. food delivery market with over 60% market share and consistent growth in its core restaurant segment [2][4]. - The company is reinvesting strong free cash flow from U.S. restaurants into long-term initiatives, including new verticals and international expansion [3][4]. Acquisition Strategy - Recent acquisitions, particularly Deliveroo, are expanding DoorDash's addressable market, enhancing its reach in Western Europe and the Middle East [4][5]. - The appointment of Wolt's CEO at Deliveroo is expected to streamline integration and improve operational efficiency [5]. Growth Projections - DoorDash's GOV is projected to compound at approximately 17% annually from 2025 to 2030, with EBITDA expected to grow around 27% per year over the next five years [6]. - The company is anticipated to achieve a free cash flow growth rate of about 30% over the next five years, compared to Uber's estimated 16% [7]. Market Dynamics - The local delivery market is consolidating around a few global leaders, creating profit pools in major markets that can enhance customer value and investment opportunities [5].

Core Viewpoint - DoorDash is expected to outperform Uber in free cash flow, driven by strong U.S. cash generation, international expansion led by Deliveroo, and the acquisition of SevenRooms, with anticipated double-digit growth in gross order value (GOV) and margins as uncertainty in the rideshare sector increases [1][7]. Company Positioning - DoorDash holds over 60% market share in the U.S. food delivery sector, showing consistent growth in its core restaurant business [2]. - The company is reinvesting strong free cash flow from U.S. restaurants into long-term initiatives, including new verticals and international expansion [3]. Acquisition Strategy - Recent acquisitions, particularly Deliveroo, are expanding DoorDash's addressable market, enhancing its presence in Western Europe and the Middle East [4]. - The analyst anticipates that DoorDash will reinvest profits to scale operations, focusing on customer acquisition and enhancing subscription services to increase order frequency [4]. Leadership and Market Dynamics - The appointment of Wolt's CEO, Miki Kuusi, at Deliveroo is expected to streamline integration and alleviate concerns regarding U.S. leadership involvement [5]. - The local delivery market is consolidating around a few global leaders, creating profit pools in major markets that can support better customer value and investment [5]. Growth Projections - DoorDash's GOV is projected to compound at approximately 17% annually from 2025 to 2030, with steady margin improvements and EBITDA growth of about 27% per year over the next five years [6]. - The analyst estimates that DoorDash's free cash flow will grow at around 30% over the next five years, compared to approximately 16% for Uber, suggesting a higher valuation multiple for DoorDash [7].

Core Viewpoint - DoorDash Inc's shares are experiencing a slight decline despite an upgrade from JPMorgan Securities, which has raised its price target significantly, indicating potential for further growth in the stock [1][2]. Group 1: Stock Performance - DoorDash's shares are currently trading at $271.71, down 0.6% [1]. - The stock reached a record high of $284.41 on October 7 but has since retreated, now hovering around the $270 mark [2]. - The equity has surged 61% in 2025, indicating strong performance year-to-date [2]. Group 2: Analyst Recommendations - JPMorgan Securities upgraded DoorDash's rating to "overweight" from "neutral" and increased its price target from $175 to $325, suggesting a potential 19% increase in the stock price due to global expansion [1]. - There is potential for further upgrades, as 12 brokers currently maintain a "hold" recommendation on DoorDash [1]. Group 3: Trading Activity - Short-term traders have shown increased interest in call options, as indicated by the Schaeffer's put/call open interest ratio (SOIR) of 0.32, which is in the 13th percentile of annual readings [2].

Core Insights - The article discusses the recent trends and developments in the investment banking sector, highlighting the impact of economic conditions on deal-making activities and revenue generation [1] Group 1: Economic Impact - Economic uncertainty has led to a slowdown in mergers and acquisitions (M&A), with a notable decline in deal volume compared to previous years [1] - Investment banks are experiencing pressure on fees due to increased competition and a reduced number of high-value transactions [1] Group 2: Revenue Trends - Revenue from advisory services has decreased by approximately 20% year-over-year, reflecting the challenging market environment [1] - Trading revenues have shown resilience, with a slight increase of 5% driven by volatility in the markets [1] Group 3: Future Outlook - Analysts predict a potential recovery in M&A activity as market conditions stabilize, with expectations of a rebound in deal-making in the latter half of the year [1] - Investment banks are adapting their strategies to focus on sectors that are expected to perform well, such as technology and healthcare [1]

Upgrades - HSBC upgraded HP Inc. (HPQ) to Buy from Hold with a price target of $30, up from $28.10, citing better-than-expected market indications for personal computer and printer volumes [2] - RBC Capital upgraded T-Mobile (TMUS) to Outperform from Sector Perform with an unchanged price target of $270, highlighting the stock's valuation compression year-to-date and solid operating trends [2] - Wolfe Research upgraded Monolithic Power (MPWR) to Outperform from Peer Perform with a price target of $1,200, projecting a conservative path to over $24 in earnings per share by 2027 [3] - JPMorgan upgraded DoorDash (DASH) to Overweight from Neutral with a price target of $325, up from $175, noting industry-leading growth and improving unit economics [4] - Wolfe Research upgraded AMD (AMD) to Outperform from Peer Perform with a price target of $300, following the company's OpenAI win and projecting over $10 in earnings per share [5] Downgrades - New Street downgraded Micron (MU) to Neutral from Buy with a price target of $190, indicating that while demand for high bandwidth memory is increasing, earnings beats will be offset by continued multiple compression [6] - Northland downgraded Salesforce (CRM) to Market Perform from Outperform with a price target of $264, down from $396, citing stagnant constant currency cRPO growth between 10% and 11% [6] - Barclays downgraded CyberArk (CYBR) to Equal Weight from Overweight with a price target of $520, reflecting the pending takeover by Palo Alto Networks (PANW) expected to close in the second half of 2026 [6] - BofA downgraded Nutrien (NTR) to Neutral from Buy with an unchanged price target of $67, noting a more balanced risk-reward scenario amid concerns regarding the fertilizer price rally [6] - Oppenheimer downgraded Carrier Global (CARR) to Perform from Outperform without a price target, citing near-term earnings risk and few catalysts for the shares [6]

Core Insights - DoorDash, Inc. (NASDAQ: DASH) has outperformed the market significantly over the past year, with a stock price increase of approximately 95.48%, compared to the NASDAQ Composite's gain of 26.73% and the S&P 500's increase of 17.43% [1] Company Performance - The stock performance of DoorDash has been notably strong, indicating robust market confidence and potential growth opportunities within the company [1]