Mobility solutions provider Uber Technologies, Inc. (UBER) recently announced that it has signed an exclusive partnership with FTD, LLC, one of the leading names in the floral industry, to deliver flowers to Uber and Uber Eats customers across the U.S. through ProFlowers.
Following the news, shares of the company appreciated marginally in Wednesday’s trading session. However, it pared its gains by about 4% to close at $44.30 in the extended trading session.
The company will initially offer its services to customers in New York, Philadelphia, Chicago, Los Angeles, Dallas and Miami. The service will be made available nationwide by early 2022.
The Global Head of Grocery and New Verticals at Uber, Raj Beri, said, “FTD has been a leader in the floral industry for more than a century. By pairing their expertise with our best-in-class logistics technology, we’re able to support FTD’s vast network of local florists and make Uber the leader in bringing on-demand flower delivery to customers nationwide.” (See Uber stock chart on TipRanks)
Recently, Bank of America Securities analyst Justin Post reiterated a Buy rating on the stock with a price target of $71. The analyst’s price target implies upside potential of 53.9% from current levels.
Consensus among analysts is a Strong Buy based on 21 Buys and 4 Holds. The average Uber price target of $72.75 implies upside potential of 57.7% from current levels.
Uber scores a 9 out of 10 on TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations. Shares have gained 48.7% over the past year.
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