Mizuho Securities Upgrades Yelp (YELP) to Buy

Mizuho Securities upgraded Yelp (NYSE: YELP) from Neutral to Buy with a price target of $40.00 (from $24.00) following 'beat and raise' quarter.

Analyst Neil Doshi commented, "On the heels of a 2Q beat & raise, we see several signs that lead us to be more positive on the stock: 1) stabilization in core local ad revenue growth; 2) an improved outlook on EBITDA margins, 3) easier 2H comps, and 4) new revenue growth opportunities like National accounts. We expect Yelp to grow its revenue ~40% and EBITDA by 50%+ this year, which should warrant continued multiple expansion."

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 $32.64 yesterday.

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