Wedbush Reiterates Outperform on GrubHub (GRUB); Traffic Implies Seasonality Impact
- Wall Street propped up by tech, discretionary stocks
- Boston Scientific (BSX) to Acquire EndoChoice (GI) in ~$210M Deal
- Oil prices fall as hopes for a deal in Algiers fade
- Dollar gains against euro on Deutsche Bank fears, falls vs Mexican peso
- Pre-Open Stock Movers 09/27: (GI) (KITE) (INFI) Higher; (NAT) (SXL) (RICE) Lower (more...)
Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial here.
Wedbush reiterated an Outperform rating and $47.00 price target on GrubHub Inc. (NYSE: GRUB). Traffic data from comScore shows August traffic to GRUB sites declined slightly on a sequential basis (-2%), but grew 43% YoY representing the highest YoY growth rate in the past five months. Traffic to key competitor sites Eat24, UberEats, and OrderUp all declined in August at a more precipitous rate than GRUB.
Analyst Aaron Turner commented, "We believe GRUB is the market leader in the growing online restaurant takeout and delivery space and will continue to benefit from its early lead and superior size and scale."
Shares of GrubHub Inc. closed at $41.17 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: BMO Capital Upgrades Crown Holdings (CCK) to Outperform as Analyst Sees Upside Break Out
- Seaport Global Securities Downgrades Regal Beloit (RBC) to Neutral
- Oppenheimer Raises Price target on The Advisory Board (ABCO) Following Investor Day
Create E-mail Alert Related CategoriesAnalyst Comments
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!