Market News

DoorDash Collaborates with Ulta Beauty

Online food ordering and food delivery platform DoorDash (DASH) has inked a partnership deal with leading beauty retailer Ulta Beauty (ULTA), to provide same-day delivery from certain Ulta Beauty stores.

The collaboration aims at bringing the joy of in-store shopping to customers at their doorsteps, during the holiday season and beyond.

The same-day delivery service at the customer’s doorstep will be available for over 25,000 Ulta Beauty products such as cosmetics, skincare, haircare, and fragrances, among others, across Atlanta, Boston, Chicago, Los Angeles, Houston, and Boise.

Furthermore, both companies have laid out an expansion plan, with rollout expected in 2022.  

VP of strategic partnerships and business development at DoorDash, Shanna Prevé, commented, “We see consumers looking for faster and more convenient ways to get their favorite brands delivered same-day.” (See DoorDash stock charts on TipRanks)

Chief Digital Officer of Ulta Beauty, Prama Bhatt, stated, “This partnership represents two leaders coming together to create a new touchpoint for our guests that importantly connects our physical and digital experiences in a relevant, new way.”

JMP Securities Andrew Boone recently reiterated a Buy rating on DoorDash with the price target of $230 (13.08% upside potential).

The Wall Street community is cautiously optimistic about the stock with a Moderate Buy consensus rating based on 9 Buys and 4 Holds. The average DoorDash price target of $216 implies 8.4% upside potential to current levels. Meanwhile, shares have gained 43% year-to-date.

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