Amazon One-Hour Local Delivery Service Takes Manhattan

Technology

Published: May 22, 2015 1:00 pm

Last Updated: April 27, 2020 3:42 pm

Source: Visitor7 / Wikimedia Commons

In the latest improvement to its Prime Now delivery service, Amazon.com Inc. (NASDAQ: AMZN) announced Thursday that it has begun one-hour delivery from local stores in Manhattan. The one-hour service costs $7.99 and two-hour service is free for the company’s Amazon Prime members, who pay $99 a year for a variety of services including free-two day delivery and streaming video from Amazon.

The local delivery service is also available in Atlanta, Austin, Baltimore, Brooklyn, Dallas and Miami, and Prime Now members get all the service with a Prime Now app for iOS and Android devices. Local store delivery through Prime Now is currently available in select neighborhoods in Manhattan and will expand across Manhattan in the coming weeks. Amazon said that the Manhattan Prime Now one-hour delivery service will soon add upscale Italian marketplace Eataly and Westside Market to the current lineup of D’Agostino’s market, Gourmet Garage and Billy’s Bakery.

After a first-quarter earnings report in late April that was better than expected, Amazon has gotten mostly upgraded ratings and higher price targets. Of more than two dozen ratings issued or changed since that earnings report, one was a downgrade from Argus to Hold and another was a downgrade to Sell from Vetr. There are two other Hold ratings, but one was accompanied by a price target hike.

The rest have tagged Amazon as a Buy, with the most recent price target hike coming Thursday from Morgan Stanley, which lifted its price target to $520, still well below the $640 price target from Pivotal Research, the $600 price target at Sanford C. Bernstein, and only a few bucks short of Oppenheimer’s $525 target. The consensus price target from Thomson Reuters is $465.89.

Amazon still lost money in the first quarter, but its cloud-based services showed strength and the company has 41 million Amazon Prime subscribers.

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