DoorDash (DASH) revealed that it has joined hands with Lush Fresh Handmade Cosmetics to provide same-day delivery of Lush’s products across the U.S. and Canada.
The deal has come right before the high demand holiday season. Customers would have to follow the same check out process while ordering on the company’s website and select the same-day delivery option.
The companies said that same-day deliveries would be available within 15 miles of the nearest Lush store. Also, orders will have to be placed before 1pm local time to access the facility. There is no minimum spend to receive the same-day delivery option. (See DoorDash stock charts on TipRanks)
The Vice-President of Strategic Partnerships and Business Development at DoorDash, Shanna Preve, said, “Consumers’ desire to get all their favorite products and essentials delivered conveniently at the touch of a button has increased significantly in the last year.”
“Both during the upcoming holiday season and throughout the year, consumers’ can have peace of mind knowing their coveted products for themselves or gifts for their loved ones are available for seamless delivery when they need them,” Preve added.
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Recently, Bank of America Securities analyst Mike McGovern maintained a Buy rating on DoorDash and raised the price target to $270 from $255. The new price target implies upside potential of 18%.
McGovern said, “We raise bookings and revenue for higher expected organic growth (not incorporating Wolt given uncertainty of close), but lower EBITDA given higher investment levels in 2022 for international, new-categories, and product development (primarily Storefront and Drive).”
Overall, the stock has a Moderate Buy consensus rating based on 8 Buys and 9 Holds. The average DoorDash price target of $240.63 implies 5.2% upside potential. Shares have gained 64.4% year-to-date.
TipRanks’ Website Traffic tool, which uses data from SEMrush Holdings (SEMR), the world’s biggest website usage monitoring service, offers insight into DoorDash’s performance.
According to the tool, compared to the previous year, the DoorDash website recorded a 2% monthly decrease in global unique visits in October. Meanwhile, year-to-date website traffic growth has increased 29.9% against the same period last year.
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