Yelp, (YELP) Accelerating Local Growth; PT to $28 - Jefferies
Jefferies analyst, Brian Pitz, raised his PT on Yelp (NYSE: YELP) by nearly 50% to $28 from $20 after Yelp reported a solid qtr driven by Local where revenue growth accelerated on better-than-expected ad budget fulfillment and above avg salesperson productivity. Guidance for 2Q16 came in above expectations and mgmt raised FY16 guidance. Top-line acceleration should drive leverage in the model despite increased salesforce investment and marketing spend.
The firm reiterated a Buy rating.
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Shares of Yelp closed at $21.42 yesterday.