DoorDash is seeing more orders, fueled by sky-high demand from its loyal subscribers, which should help its shares continue to bounce back, according to Evercore ISI. The investment bank rates DoorDash outperform and reiterated a $300 price target on the stock, suggesting 45% upside from Wednesday's close. "Dash added more DashPass members than in the previous 24 months combined … [while] order growth accelerated at both Deliveroo (for the 3rd [consecutive] quarter) and at core Dash," analysts led by Mark Mahaney said Thursday in a note to clients. "And per our analysis, the [second-half] marks an inflection point in terms of Dash recovering to consistent EBITDA Margin expansion. We see all these factors as key unlocks on DASH shares." Shares of DoorDash have recently begun to outperform, up 27% in the past three months, but remain lower by 6% in all of 2026 thus far, hurt by concern over investments to expand overseas and in non-restaurant delivery services and drone technology. DASH YTD mountain Shares are down about 6% in 2026 DoorDash shared some updates during its second-quarter earnings report on Wednesday that suggest its strategy is starting to pay off. The San Francisco-based company said total orders grew almost 28% from a year ago, to 970 million, while gross order value rose 36% to $33.1 billion over the same period, as a loyal subscriber base relied on its services for grocery and restaurant deliveries. DoorDash posted second-quarter earnings of 46 cents per share , matching expectations of analysts polled by FactSet, down from 65 cents a share in the year-earlier period. Revenue of $4.45 billion topped analysts' $4.34 billion consensus estimate. The stock was up about 3% on Thursday in reaction to the results released postmarket Wednesday. Evercore ISI's rating is in line with the Wall Street consensus, where 36 of 46 analysts rate DoorDash a buy or strong buy, LSEG data shows.