Wedbush Reiterates Outperform on GrubHub (GRUB) Ahead of 3Q Report
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Wedbush reiterated an Outperform rating and $47.00 price target on GrubHub Inc. (NYSE: GRUB) ahead of the company's 3Q earnings report. The company is expected to report Q3 earnings on October 26 before the market open.
Analyst "We expect the company to report Q3 results above consensus and the guidance range. Based on third-party web traffic data, traffic to GRUB sites reaccelerated in Q3. We believe this data is relevant for consumers due to its strong historical correlation with organic Gross Food Sales. We believe this data, as well as app ranking data, suggests that user adoption of online and mobile food delivery continues to ramp and GRUB is competing effectively. Guidance is for revenue between $116-$119 million and adjusted EBITDA between $30-$32 million."
Shares of GrubHub Inc. closed at $41.56 yesterday.
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