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DoorDash stock dips on RBC downgrade

Yahoo Finance Live’s Brad Smith discusses an RBC analyst’s decision to downgrade DoorDash to Sector Perform.

Video Transcript

BRAD SMITH: Well, before we head to the break, let's check in on one trending ticker. Shares of DoorDash, ticker symbol, DASH, it's moving lower by about 2%, following a downgrade to sector perform from outperform by RBC Capital Markets due to increasing competition from Uber. As they are taking over significant share of key markets, the firm is also cutting its price target on the delivery service to $60 from $70 as RBC estimates deceleration in the coming year. Here, you're taking a look at the performance. Year to date, they're down a little over 60%.