JPMorgan Reiterates Overweight on Yelp (YELP)

JPMorgan reiterated an Overweight rating and $55.00 price target on Yelp (NYSE: YELP). Analyst Doug Anmuth believes that Yelp has a significant opportunity ahead in the large and growing local ad market, with Yelp well positioned to gain share with its ~4M businesses claimed vs. only 155k paying advertisers, or 4% penetration.

Yelp shares underperformed last year, up 10% vs. the S&P 500 +19%, and shares saw significant volatility as Yelp traded down 21% in 1H following 4Q/1Q sales force execution issues, rallied on strong 2Q earnings, & then faded into year-end as the Eat24 transaction created noise in Yelp’s 4Q guide. Yelp remains one of the more controversial names in our coverage universe, but Anmuth like the set-up in 2018 and think the recent pull-back creates a good buying opportunity.

For an analyst ratings summary and ratings history on Yelp click here. For more ratings news on Yelp click here.

Shares of Yelp closed at $44.00 yesterday.

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