Cowen Remains Bullish on Yelp (YELP) Following Cowen TMT Conference

Cowen reiterates an Outperform rating and $55.00 price target on Yelp (NYSE: YELP) following the Cowen TMT Conference. YELP CFO, Rob Krolik said that business was "Firing on all cylinders".

Analyst Kevin Kopelman commented, "Yelp reiterated its seemingly aggressive guidance, implying ~40% organic growth in Q2 (vs. 49% in Q1) and slight acceleration in 2H. The company again called out a return to historic sales force productivity levels starting March, rapid growth in CPC (cost-per-click) ad programs, and a q/q bump up in display as key drivers. Importantly, the CFO said the business was now firing "on all cylinders" after recovering from a hiccup in sales in Q1. While investors remain understandably skeptical due to the lack of disclosures last quarter, the new positive commentary a month post-earnings increases our confidence Q2 is on track."

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 $47.91 yesterday.

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