UPDATE: Stifel Downgrades GrubHub Inc. (GRUB) to Hold
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(Updated - October 4, 2016 9:30 AM EDT)
Stifel downgraded GrubHub Inc. (NYSE: GRUB) from Buy to Hold with a price target of $45 (unchanged). Analyst John Egbert said the downgrade was tied to valuation.
'GrubHub shares are up ~76% YTD (vs. +6% for the S&P 500) and have more than doubled from the company’s lows in the ~$18 range in late January 2016. We have supported the company’s investment story since its lows and continue to believe in GrubHub’s ability to execute in both its marketplace and delivery businesses; as such, although we are Hold rated, we would reevaluate our rating should there be material weakness in the shares," said the analyst.
Shares of GrubHub Inc. closed at $42.68 yesterday.
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