UPDATE: SunTrust Robinson Humphrey Initiates Coverage on Yelp on Valuation

In a report published Tuesday, SunTrust Robinson Humphrey analyst Robert S. Peck initiated coverage on Yelp YELP with a Neutral rating and $100.00 price target. In the report, SunTrust Robinson Humphrey noted, “We are initiating coverage of Yelp with a Neutral rating and $100 year-end 2014 price target. We view Yelp as the leader in the still fairly nascent and fragmented online market for ratings, reviews, and ‘yellow-book-type' information on local businesses, with other tangential initiatives in place to expand TAM. While we are optimistic on Yelp's forward prospects and execution to date, our valuation discipline relegates us to a more conservative rating at current. We would look to get more constructive on a pull-back.” Yelp closed on Friday at $89.78.