Yelp (YELP) Price Target Cut to $49 at Evercore ISI
Evercore ISI analyst Ken Sena reiterated a Hold rating and cut his price target on Yelp (NYSE: YELP) to $49.00 (from $60.00) following results.
Sena commented, "Yelp reported a disappointing 2015 guide on mentions of higher marketing spend and sales headcount and of sequential user declines, even on mobile. For the latter, seasonal softness was cited with desktop Search traffic characterized as “peaked.” On lowered 2015 adj. EBITDA, which we have cut by 14% to $105mm (above the high end of their $100-$103mm range), our DCF-derived target drops to $49 from $60, implying 19x'16 EBITDA."
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Shares of Yelp closed at $57.47 yesterday.