UPDATE: SunTrust Upgrades Yelp (YELP) to Buy

(Updated - April 8, 2014 7:39 AM EDT)

SunTrust Robinson Humphrey upgraded Yelp (NYSE: YELP) from Neutral to Buy with a price target of $85.00 (from $100.00).

Analyst Robert S. Peck said, "Yelp stock is down 33% in the past month, the worst performer in our basket of 20 mid and large cap internet peers. Most of the weakness is explained by the broader market correction, punishing high growth, high multiple, top performers like Yelp. We believe there are also two company specific issues contributing (at the margin) to relative underperformance in the past month: 1) recent negative headlines, regarding FTC complaints and a somewhat related VA Supreme Court case; and 2) weak international traffic data. On the first item, we see little if any impact to the business/financials and offer a thorough walk-through in this report. On the second item, we flagged international expectations as perhaps too high in our initiation and view a right sizing of sentiment as healthy."

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 $66.00 yesterday.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• RBC Capital Upgrades Galp Energia SGPS SA (GALP:LI) (GLPEF) to Outperform
• Deutsche Boerse AG (DB1:GR) (DBOEY) PT Lowered to EUR184 at Citi
• Fiserv (FI) PT Raised to $168 at BMO Capital