Baird Raises Price Target on Yelp (YELP) to $40 Following 3Q
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Baird reiterated a Neutral rating on Yelp (NYSE: YELP), and raised the price target to $40.00 (from $35.00), following the company's 3Q earnings report. YELP reported revenue of $186.2M, exceeding guidance of $180-184M driven primarily by local ad revenue outperformance, and accelerating ad revenue/account. 2016 guidance was raised to $709-$713M from $700-708M.
Analyst Colin Sebastian commented, "For the third consecutive quarter, YELP reported revenue/adjusted-EBITDA above the high end of guidance/consensus, with strength across all advertiser cohorts (self-service/SMB/national). With a more US-centric focus going forward, we believe YELP should continue to drive solid local ad growth into 2017, although enhanced local ad products from large-scale competitors likely remain an overhang. Given the stronger pace of product momentum and local advertiser monetization, we are incrementally positive on shares."
Shares of Yelp closed at $35.71 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
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