Uber Technologies (UBER) inked a deal with Bed Bath & Beyond (BBBY) and buybuy BABY to launch a brand new baby and kids category in the Uber Eats app.
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Uber is a transportation networking company that offers ride-hailing, food and package delivery, and courier and freight transportation services, with its shares gaining 27% over the past year. (See Uber stock charts on TipRanks)
Under the new baby and kids category on Uber Eats, popular brands such as Honest, Yumi, Lalo, Little Spoon, Nyssa and more will be available to customers. This will enable fast and efficient on-demand shopping, delivering kids and family essentials to the customer’s doorstep.
In addition, Uber will also donate $200,000 to Baby2Baby, a nonprofit organization that provides essential items to children in need across the country.
VP and Global Head of Grocery and New Verticals at Uber, Raj Beri, commented, “We’re thrilled to be able to offer parents and caregivers an easy and convenient way to find everything they need for their families, and have it delivered to their doorsteps.”
He further added, “Every parent knows the stress of urgently needing diapers, pacifiers, thermometers and more—and we know that our new baby and kids hub will help to alleviate some of the stress.”
Following the recently-held Uber Freight Deliver Conference, KeyBanc analyst Edward Yruma reiterated a Buy rating and price target of $75 (68.27% upside potential).
Yruma commented, “The Company recently opened its Freight HQ in Chicago, which signals a desire to get more closely embedded in the logistics industry. Demand remains high and driver supply remains very constrained.”
He added, “This supply chain disruption is likely creating a significant volume opportunity NT and could be a share opportunity for less established players. Over time, we think that Logistics will eventually serve as the third leg of the UBER stool.”
Overall, the Street is bullish on the stock, with it earning a Strong Buy consensus rating based on 23 Buys and 2 Holds. The average Uber price target of $68.08 implies upside potential of about 52.65% from current levels.
UBER scores a “Perfect 10” on TipRanks’ Smart Score rating system, reflecting the stock’s strong potential to outperform market expectations.
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