ContextLogic Inc. (WISH) has partnered with Correos, a state-owned Spanish carrier. The American online Ecommerce platform helps facilitate transactions between sellers and buyers.
With this deal, Spanish merchants will be able to fulfill their Wish orders through Correos’ order management solution. Also, the partnership is expected to aid merchants in processing orders quickly and efficiently.
The merchants will also have access to ContextLogic’s merchant dashboard where they can track their performance metrics, inventory, advertising and customer communications, along with benefit from data intelligence and optimization tools to help drive greater success. (See ContextLogic stock chart on TipRanks)
The Senior Business Development Manager for ContextLogic in Europe, Alan Small, said, “We are delighted to be working with one of the world’s largest and most respected logistics companies to expand our presence in Spain. Spanish merchants have a lot to offer, particularly when it comes to high-quality toys and electronics.”
Following the news, Oppenheimer analyst Jason Helfstein downgraded the rating on the stock to Sell from Hold with a price target of $4, which implies downside potential of 17.5%.
The rest of the Street is cautiously optimistic about the stock and has a Hold consensus rating based on 2 Buys, 5 Holds and 3 Sells. The average ContextLogic price target of $9.17 implies 89.1% upside potential from current levels. Shares have declined 74.8% so far this year.
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