DoorDash, known for its online restaurant meal delivery service, has announced a significant expansion of its grocery delivery offerings. This news comes just before its competitor, Instacart, is expected to go public.
Increasing Non-Restaurant Store Partnerships
DoorDash has added approximately 100,000 non-restaurant stores to its MarketPlace and Drive platforms across North America. This move allows users to order groceries from a broader range of stores through the DoorDash app.
Long-Term Partnerships with Grocers
Fuad Hannon, Vice President of New Verticals at DoorDash, emphasized the company's commitment to building long-term partnerships with grocers of all sizes. Their focus remains on enhancing quality and execution in this expansion.
Positive Analyst Outlook
Mizuho Securities analyst James Lee has upgraded his rating on DoorDash stock from Neutral to Buy. Along with this upgrade, he has increased the price target from $90 to $105. Lee believes that DoorDash has the potential to continue its market share growth in food deliveries. He also highlights resilient consumer spending and decreasing food prices inflation as favorable factors for further opportunities for growth.
DoorDash's expansion into grocery delivery services strengthens its position in the highly competitive food delivery market. With an increased range of grocery partners, DoorDash aims to become a go-to platform for both restaurant meals and household essentials.
Profits Drive DoorDash's Market Expansion
Instacart's Impending IPO Triggers Speculation
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