Wedbush Reiterates Outperform on GrubHub (GRUB); Traffic Implies Seasonality Impact
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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.
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