Mobility solutions provider Uber Technologies, Inc. (UBER) recently announced the launch of The Holiday Shop on its Uber Eats platform. The feature has been launched in partnership with Proper Companies’ holiday division.
Following the news, shares of the company gained marginally on Thursday. The stock added to its gains slightly to close at $44.99 in extended trade.
Through The Holiday Shop, the customers of Uber Eats can get their favorite items delivered for the season right at their doorsteps. The platform will be made live from October 1, and Halloween will be the first festival it will cater to. It will subsequently transition to different festivals as per the season.
Initially, the platform will be made live in Los Angeles, San Diego and West Palm Beach. Uber Pass and Eats Pass Holders will enjoy free delivery on eligible orders above $15.
The Global Head of Grocery and New Verticals at Uber, Raj Beri, said, “Our goal is to make Uber a destination that customers can rely on to get whatever they need when they need it, so creating a Holiday Shop that offers festive items for all types of celebrations was a no brainer. We’re extremely proud to leverage our technology and logistics expertise to support a family-owned small business and enable them to deliver high-quality, seasonal items right to their customers without losing that personal local touch.” (See Uber stock chart on TipRanks)
Recently, BTIG analyst Jake Fuller reiterated a Buy rating on the stock with a price target of $80. The analyst’s price target implies upside potential of 78.6% from current levels.
Consensus among analysts is a Strong Buy based on 23 Buys and 2 Holds. The average Uber price target of $68.75 implies upside potential of 53.5%.
Uber scores a 9 out of 10 from TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations. Shares have gained 20.6% over the past year.
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