Oppenheimer analyst Jason Helfstein reiterated an Outperform rating and boosted his price target on GrubHub Inc. (NYSE: GRUB) to $50.00 (from $45.00) after the company reported better than expected 2Q results and raised FY guidance.

Helfstein added, "Moreover, mgmt talked about possible delivery partnerships with chain restaurants, which would give them an additional scale advantage in delivery, reducing competition concerns. Mgmt raised FY rev./EBITDA guidance 2%/3%, on higher take-rates, and expects delivery to exit '15 adding ~300 bps of organic growth. This suggests that delivery could be the driver of revenue acceleration in '16. Lowering target to $45 from $50 on more conservative active diner assumptions for '16."

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Shares of GrubHub Inc. closed at $33.25 yesterday.