UPDATE: Citi Initiates Coverage on Yelp
According to a research report published today, Citi has initiated Yelp (NYSE: YELP) with a Neutral rating and $28 PT.
In the report, Citi commented, “With 25MM Cumulative Reviews and 600,000 Claimed Business Locations, Yelp is emerging as a leading Local Business Platform for both Consumers and Businesses. Yelp is free to Consumers and primarily generates revenue from Advertising. It currently has approx. 24,000 Local Business Accounts, who each spend about $300 per month marketing with Yelp.”
Yelp closed yesterday at $25.81.
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