Yelp (YELP) Investor Meeting Highlights Growth Opportunites; PT to $34 - Needham & Company

Needham & Company analyst Kerry Rice reiterated a Buy rating and raised its price target on Yelp (NYSE: YELP) to $34.00 (from $28.00) as an investor meeting highlights several opportunities to accelerate growth.

Rice commented, "We hosted an investor meeting with new CFO Lanny Baker at Yelp's San Francisco office. While growing its sales headcount remains a top priority, we are encouraged by management's increased attention to account management and focus on national advertisers. We believe the positive impact of these initiatives is not reflected in models. However, we believe product innovation is even more important as high-demand products such as Request a Quote or Eat24 should not only enhance sales productivity but also improve retention. These products and the shift to CPC pricing transitions Yelp toward performance marketing and a more transactional business, which should enhance its value over time as it more clearly demonstrates its ability to add value to consumers and businesses. Thus, we recommend Yelp shares to investors."

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 $28.30 yesterday.

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