Yelp (YELP) PT Cut to $30 at Baird
Baird analyst Colin Sebastian reiterated a Neutral rating and lowered his price target on Yelp (NYSE: YELP) to $30.00 (from $46.00) following disappointing Q2 results and outlook.
Sebastian commented, "As previewed, Yelp lowered guidance following a mixed Q2, although we note that part of the near-term downside is self-inflicted, including a slowdown in new hiring and phasing out of brand revenues by end of year. While Yelp remains a clear leader in a significant local advertising market, ad revenues are not increasing as much as anticipated, and we remain Neutral-rated as we await confirmation of improving business trends."
The firm cut FY 2015 EPS from $0.92 to $0.70 and FY 2016 EPS from $1.31 to $1.21,
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Shares of Yelp closed at $33.51 yesterday.