McDonald’s Teams with DoorDash to Boost McDelivery Growth
McDonald’s Corp. (MCD) has inked a new global strategic partnership agreement with its long-standing partner DoorDash (DASH) to foster growth for its McDelivery business.
The Chicago-based chain of fast-food restaurants has grown from 3,000 restaurants to over 32,000 restaurants across 100 countries through partnerships with both local and global platforms. (See McDonald’s stock charts on TipRanks)
DoorDash is the leading online food ordering and food delivery platform in the United States. The addition of DoorDash’s global footprint, speed, and best-in-class operations will improve operations at McDonald’s, creating a seamless experience for customers.
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Details of the Partnership
According to the terms of the deal, both companies will support the growth of the McDelivery business. Besides the option to order directly through the McDonald’s app, DoorDash will be the preferred partner in fulfilling these orders in thousands of McDonald’s restaurants in the U.S. and across the globe.
Notably, orders placed on the McDonald’s app will be powered through DoorDash Drive, DoorDash’s white label solution for delivery. This will enable higher accessibility of McDelivery to customers in the U.S. and across the globe.
Overall, the MCD has a Strong Buy consensus rating based on 19 Buys and 3 Holds. The average McDonald’s price target of $275.14 implies 8.46% upside potential. Shares have gained 16.7% year-to-date.
Bloggers Weigh In
TipRanks data shows that financial blogger opinions are 83% Bullish on MCD against a sector average of 68%.
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