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Uber Launches Holiday Hub; Street Says Buy

Technology-enabled mobility services provider Uber Technologies, Inc. (NYSE:UBER) recently revealed that it has expanded its seasonal delivery offerings with a new feature, Holiday hub, on the Uber Eats platform.

Following the news, shares of the company declined 1.1% on Tuesday. The stock, however, pared its losses slightly to close at $38.35 in the extended trading session.

Strategic Impact

The hub is aimed at serving various holiday needs of customers. It will be operational throughout 2022 and be home to Uber’s recently launched Holiday Shop, which will offer on-demand delivery and pick-up of Christmas trees and more to customers in Los Angeles, San Diego, West Palm Beach as well as wreaths in New York City this holiday season.

To access the shop, customers will just have to open the Uber Eats app and tap the ‘Holiday’ billboard.

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Price Target

Recently, BTIG analyst Jake Fuller reiterated a Buy rating on the stock with a price target of $80, which implies an upside potential of 110.1% from current levels.

The consensus among analysts is a Strong Buy based on 19 Buys and 1 Hold. The average Uber price target of $69.75 implies an upside potential of 83.2% from current levels. Shares have declined 28.2% over the past year.

Uber.com Website Traffic

TipRanks’ Website Traffic Tool, which uses data from SEMrush Holdings, the world’s biggest website usage monitoring service, offers insight into Uber’s performance this quarter.

According to the tool, Uber’s website recorded a 4.31% monthly rise in global visits in November, compared to the same period last year. Further, year-to-date, Uber’s website traffic has grown 13.98% against the same period last year.

UBER.COM WEBSITE TRAFFIC

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