** DoorDash's DASH.O shares up 3.6% to $228.47, after hitting fresh 52-week high on Mon, following Raymond James upgrade of meal delivery platform to 'strong buy' from 'outperform'

** Brokerage boosts PT by $45 to $260, highest on Wall Street, per LSEG data

** Raymond James in note says upgrade follows a bottom-up merger analysis and believes the synergy potential with British rival Deliveroo is underappreciated

** Regarding delivery synergies, minutes per delivery goes from 17 minute (3.5 orders per hour) to 16 minute, Raymond James assumes, and creates about 80 basis points gross margin improvement (gross order value basis)

** Both rev and cost synergies across driver frequency, headcount and loyalty penetration drive greater upside to the deal - Raymond James

** Last month, DASH said it will buy Deliveroo ROO.L in deal valued at $3.9 bln, and would buy software firm SevenRooms for ~$1.2 bln

** Now, 29 of 42 brokerages covering DASH rate stock "strong buy" or "buy", rest rate "hold" and median PT is $224.50, per latest LSEG data

** With move on Mon, shares up 36% YTD vs S&P 500 Consumer Discretionary index's .SPLRCD 6% decline and Nasdaq's .IXIC 1% advance

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))