Mizuho Securities Upgrades Yelp (YELP) to Buy
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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."
Shares of Yelp closed at $32.64 yesterday.
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