Royal Bank of Canada (RY) and DoorDash, a leading last-mile logistics platform, have announced a joint initiative under which eligible RBC credit cardholders will receive a free subscription to DashPass for up to 12 months, depending on the credit card they hold.
With DashPass, DoorDash’s subscription program, customers pay no delivery charges and enjoy reduced service fees on eligible orders, as well as other benefits at participating locations when they place an order for take-out or delivery from restaurants across Canada.
Niranjan Vivekanandan, Senior Vice-President, Loyalty & Merchant Solutions, RBC, said, “We know that many of our clients enjoy on-demand food delivery, so we’re excited to team up with DoorDash to offer this exclusive savings to our credit cardholders. We are always looking for new and creative ways to provide our clients with more value and this is a benefit that so many of them can take advantage of simply by being a credit cardholder.”
RBC and DoorDash will also offer benefits to RBC small business account holders who sign up for DoorDash for the first time, including a 60-day commission-free trial period with DoorDash. (See Royal Bank of Canada stock chart on TipRanks)
On June 23, CIBC analyst Paul Holden kept a Hold rating on RY while lowering its price target to C$131.00 (from C$133.00). This implies 4% upside potential.
The rest of the Street is cautiously optimistic on RY with a Moderate Buy consensus rating based on 6 Buys and 3 Holds. The average Royal Bank of Canada price target of C$134.27 implies 6.5% upside potential to current levels.
TipRanks’ Smart Score
RY scores a 7 out of 10 on TipRanks’ Smart Score rating system, indicating that the stock is expected to perform in line with the overall market.
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