Top Stock Picks for 2024: DoorDash

Fibonacci levels suggest medium- to long-term DASH upside

Jan 5, 2024 at 12:52 PM
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Every day for the next three weeks, we're going to highlight one of Schaeffer's top 12 picks for 2024. First up, we have food delivery stock DoorDash Inc (NYSE:DASH). To access the entirety of the 2023 report, click here.

DoorDash (DASH) is up more than 70% year-over-year, with each successive move higher accompanied by a series of both higher highs and lower lows. This implies continued strength for an equity trading well below it's longer-term highs. Now trading near its initial public offering (IPO) price of $102, there are signs of a breakout above this significant level.

This is an enticing opportunity for investors to target a growing company with a leading market share at a 45% discount, relative to its debut price of $182. There are two paths to out sized returns. First, DASH's 2023 peak is coming above the critical 23.6% Fibonacci level, with technicals suggesting medium-term upside of approximately 30%, if March's peak fails to cap further upside. A retest of April 2021 highs could mean a move to $165, which is a more than 67% premium to the stock's current price.

Second, after consolidating into and above July 2023 highs at $91, a retest of April 2022 highs would value DASH at nearly $130, which is a 27% above it's current stance. This area also coincides with the brokerage community's high-end forecast over the next 12 months.

DASHTop24

 

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