UPDATE: Deutsche Bank Initiates Coverage on Yelp; Sends Shares Up in Premarket Trading
Shares of Yelp! (NASDAQ: YELP) are moving sharply to the upside this morning following an initiation at Deutsche Bank at a Buy rating and an $81 price target.
The call comes from a broad prediction that local internet plays will be a source of growth in the sector in the near future. It noted that Yelp was the best pure play in this sector, and would be a direct beneficiary of the switch to mobile.
It also stated that Yelp's ability to allow local businesses to see the direct impact of their advertising would help drive customers to the platform and increase its market share.
Following the report, Yelp shares rose 2.70 percent to $60.50
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