UPDATE: Stifel Upgrades GrubHub Inc. (GRUB) to Buy
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(Updated - November 14, 2016 9:13 AM EST)
Stifel upgraded GrubHub Inc. (NYSE: GRUB) from Hold to Buy with a price target of $46. Analyst John Egbert noted strong fundamentals.
"GrubHub shares have fallen by over 20% since reaching a 52-week high of nearly $45 in late September (the S&P 500 fell less than 1% over this period) despite strong fundamentals and respectable 3Q:16 results. The company has exhibited solid execution in its core marketplace business and impressive growth in its emerging delivery business, while competition does not appear to be having a material impact on the company’s results. With shares trading below 16x 2017 EV / EBITDA, we believe risk / reward in GRUB shares once again appears compelling, especially to investors with a long-term focus," said Egbert.
Shares of GrubHub Inc. closed at $35.31 yesterday.
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