DoorDash’s aggressive international expansion is paying off and Wall Street is taking notice. JPMorgan just upgraded the stock to Overweight and lifted its price target to $325, signaling confidence in the company’s long-term growth strategy.
DoorDash shares are already up 63% year to date, but the new target implies nearly 20% more upside ahead.
Deliveroo Acquisition Accelerates DoorDash’s Global Expansion
The biggest catalyst behind JPMorgan’s upgrade is the company’s recent acquisition of Deliveroo, a major food delivery platform in Europe and the Middle East. The deal instantly expanded DoorDash’s reach into nine new international markets.
With the acquisition now complete, DoorDash operates in:
- 45 countries
- A combined population of over 1 billion people
- 50 million monthly active users
- 700,000+ partner businesses
Deliveroo contributes around 7 million users to that total, widening DoorDash’s long-term addressable market.
Reinvestment Now, Market Share Later
JPMorgan analyst Doug Anmuth expects DoorDash to reinvest profits aggressively to scale internationally and compete with established players in Western Europe and the Middle East.
Key areas of investment include:
- Customer acquisition
- Subscription enhancements
- Operational efficiency using DoorDash’s logistics playbook
Over time, Anmuth believes DoorDash will be able to drive efficiencies across the Deliveroo business by applying the same operational and technology strategies that helped it dominate the U.S. market.
Grocery Growth: Kroger Adds 2,700 Stores
DoorDash is also expanding beyond restaurants. The addition of Kroger’s 2,700 grocery stores strengthens its reach in same-day delivery and retail logistics, a high-growth vertical where Amazon and Instacart are also competing.
This positions DoorDash as a broader commerce and logistics platform, rather than just a food delivery app.
Advertising Could Add $3 Billion in Revenue
Another underappreciated growth driver: advertising.
According to JPMorgan, if DoorDash and Deliveroo reach just 2% ad monetization by 2027, it could translate to $3 billion in annual revenue. That would create a high-margin revenue stream that’s less dependent on delivery fees.
Why DoorDash Stock Still Has Upside
Investors looking at DoorDash today are no longer evaluating a pure-play U.S. delivery service. The company is pivoting into a global, multi-vertical logistics, marketplace, and advertising platform.
Here are the three reasons JPMorgan sees more upside:
✅ International scale via Deliveroo opens new billion-dollar markets
✅ Operational efficiency can improve Deliveroo margins over time
✅ New revenue streams from advertising and grocery delivery
With its stock already surging this year, the question is whether the momentum continues. JPMorgan’s revised target and bullish tone suggests they think it will.
What to Watch Next
- Integration progress with Deliveroo
- International user and order growth
- Ad monetization metrics
- Margin improvement in non-U.S. markets
If DoorDash executes, its transformation from delivery platform to global commerce infrastructure could accelerate and investors may see more upside than Wall Street is currently pricing in.
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