UPDATE: Citigroup Initiates Neutral, $28 PT on Yelp

Citigroup initiates its coverage on Yelp

with a Neutral rating and a price target of $28 as it believes current valuation is robust, although further market opportunities are significant. Citigroup notes, "Initiating coverage of an emerging local business platform leader with a Neutral rating & $28 PT. 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 at $25.81 a share yesterday.