Uber (NYSE:UBER) is removing thousands of online-only brand listings from the Uber Eats platform in a bid to decongest multiple delivery options that offer the same menu with varying names, according to the Wall Street Journal.
The online-only format proved to be a boon for restaurants during the COVID-19 pandemic but their numbers have risen nearly four times in the past two years on Uber Eats. At the same time, they make up for only a meager volume of bookings in the U.S. and Canada.
The company now plans to do away with nearly 5,000 online stores and put in place new guidelines for brands.
Overall, the Street has a $48.30 consensus price target on UBER, pointing to a massive 57% potential upside in the stock. That’s after a 21% surge in the share price so far this year already.
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