UPDATE: Cantor Fitzgerald Initiates Coverage on Yelp with Hold Rating, $25 PT

In a report published Friday, Cantor Fitzgerald initiated coverage on Yelp

with a Hold rating and $25.00 price target. Cantor Fitzgerald noted, “We are initiating coverage of Yelp with a HOLD rating and a $25 target. Yelp's brand, scale and strong network effect make it a clear beneficiary of the secular move of local ad dollars online. We see Yelp as a platform that's ideally positioned to allow businesses to engage with consumers at the critical moment when they are deciding where to spend their money. This model is proving highly disruptive, highly scalable and over time, should prove highly profitable. That said, at current levels, we believe the shares have already priced in much of the short-term upside.” Yelp closed on Thursday at $24.77.