Loop Capital's Rob Sanderson bullish case for DoorDash

Market Trends & Opportunities - DoorDash is positioned to capitalize on a significant long-term opportunity to empower local commerce [1] - The company's mission extends beyond food delivery to empowering all types of local businesses and driving GDP growth in served regions [4] - DoorDash is evolving into local commerce of all types, including services [7] Competitive Landscape - Instacart leads in gross transaction value, focusing on weekly shopping with larger baskets [6] - DoorDash is entering with a "top up" use case, representing an easier starting point [6] - The market is still early in its evolution, with frequent users on Instacart being a fraction of those on DoorDash [7] Company Strategy & Development - DoorDash is building an enterprise software stack to empower local businesses [8] - Services not dependent on delivery are a significant part of the company's future [8] - DoorDash is acquiring a CRM and database, indicating a focus on building a robust software infrastructure [8] Financial Performance & Analyst Opinion - Loop Capital raised its price target for DoorDash from $235 to $305 [1] - Jeffre downgraded DoorDash shares to hold due to valuation concerns, but increased the price target from $235 to $250 [1] - DoorDash shares are down about 3% today, with a 41% year-to-date gain [1]