DoorDash's (DASH) profitability should continue expanding even as it re-invests in growth, RBC Capital Markets said in a Wednesday note.

Q1 order and gross order value growth remained "very resilient" at 18% and 21%, respectively, RBC analysts said. The main drivers of rising frequency and ongoing restaurant supply expansion appear durable, they said, going against the perception of delivery being expensive, which has not yet happened.

RBC analysts also said that Deliveroo, which DoorDash reached an agreement to acquire for an equity value of about 2.9 billion British pounds ($3.88 billion), sits in a "solid position" in the UK, which is its largest market. The analysts said they believe more resources and marketing could lead to share gains and outsized gross profit dollar growth.

The planned acquisitions of Deliveroo and hospitality platform Sevenrooms could be viewed as a defensive signal and possibly precede a more pronounced deceleration in growth coming, according to the note.

RBC maintained its outperform rating on the company's stock with a $230 price target.

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