DoorDash Inc (NYSE: DASH) reported third-quarter earnings results that ahead of expectations after the closing bell on Tuesday.

The company has inked an agreement to acquire Helsinki-based food delivery company Wolt Enterprises for $8.1 billion in stock.

Here's what the Street has to say after the print.

BofA On DoorDash

Michael McGovern of BofA Securities maintained a Buy rating for DoorDash, while raising the price target from $255 to $270.

“Mgmt disclosed over 9mn DashPass subs (Uber at 6mn), and 12% of MAUs engaging with New Verticals, with 40k non-restaurant stores now on the platform,” the analyst said.

“We raise bookings and revenue for higher expected organic growth (not incorporating Wolt given uncertainty of close), but lower EBITDA given higher investment levels in 2022 for international, new-categories, and product development (primarily Storefront and Drive).”

The analyst revised the revenue and EBITDA estimates for fiscal 2022 from $6.36 billion to $6.5 billion and from $461 million to $377 million.

View more earnings on DASH

CFRA On DoorDash

Angelo Zino of CFRA reiterated a Hold rating for the company, while raising the price target from $180 to $230.

CFRA lifted its 2021 EPS estimate from 6 cents to 31 cents and from 57 cents to 68 cents for 2022.

“We think the resiliency of orders post-pandemic is demonstrating a sustained structural change to the food delivery space while momentum in new verticals (convenience, grocery, and pets), which has grown to about 12% of sales, is driving growth,” the analyst said.

“We positively view the announced acquisition of Wolt, as it significantly expands DASH's addressable market/overseas presence and likely alleviates investor fears of a sharp growth deceleration from its core business.”

Third Bridge On DoorDash

Joe McCormack of Third Bridge said an early focus on a broad restaurant selection has helped DoorDash enter markets like the suburbs. This has boosted operational efficiency, enabling it to target “competitor strongholds such as New York City” and gain market share.

“DoorDash will be focused on selling additional services to their existing merchant clients, such as ads, customer support, Point-of-sale, order management as well as looking increasingly to new merchant verticals such as grocery," he added.

DASH Price Action: Shares of DoorDash were trading 13.35% higher at $216.66 midday Wednesday.

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