DoorDash's (DASH) re-platforming investments were necessary as it will drive operational efficiency, increase, and enhance collaboration across international markets while maintaining local relevance, RBC Capital Markets said in a note Thursday.

DoorDash, however, maintained its fiscal 2026 margin expansion outlook excluding Deliveroo despite "encouraging" multiyear rebuild to consolidate its platforms, including the newly acquired Deliveroo and existing Wolt, onto a single global technology stack, RBC said.

The brokerage added that Q4 results show continued unit economic improvements across restaurant and new grocery and retail verticals, which is expected to turn positive in H2.

RBC reiterated its outperform rating and $270 price target on the stock.

Price: 177.00, Change: +3.62, Percent Change: +2.09