Cantor Fitzgerald Upgrades Yelp (YELP) to Buy, Says 20%+ Sell-Off Creates Opportunity

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Cantor Fitzgerald upgraded Yelp (NYSE: YELP) from Hold to Buy with a price target of $24.00 saying the sell-off creates a buying opportunity.

The firm comments, "We are upgrading YELP shares to BUY while maintaining a $24 target, following a 20%+ price decline since 3Q:12 results (11/1/12.) The sell-off was precipitated, in our view, by disappointing 4Q guidance relating to display advertising and not to the core Local Ad business. Yelp's brand, scale and strong network effect make it a clear beneficiary of the secular migration of local ad dollars online, in our opinion."

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 $18.99 yesterday, with a 52 week range of $14.10-$31.96.

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