MKM Partners Raises Price Target on Yelp (YELP) to $48; Reiterates Buy
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MKM Partners reiterated a Buy rating on Yelp (NYSE: YELP), and raised the price target to $48.00 (from $40.00), with the belief that the company is firmly on track.
Analyst Rob Sanderson commented, "We are making slight adjustments to our forecast for YELP (full year EBITDA slightly higher, revenue inline) and raising our 12-month price target to $48 per share (from $40 previously). We believe a large opportunity remains open for YELP and are encouraged by three quarters of solid execution. We think that continued high growth and a valuation below peer companies should make mid-cap growth managers come back to the stock after two years of disappointment. Reiterate Buy."
Shares of Yelp closed at $37.62 yesterday.
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