Shares of Yelp YELP are trading higher by 2.5 percent to $63.33 in Monday's trading. The stock is getting a boost following bullish comments from Pacific Crest.
Analyst Evan Wilson's checks with non-restaurant advertisers indicate “non-restaurant consumer usage and review base has grown.” Citing the Q1 PCS Consumer Tech Survey, “the percentage of users using Yelp for non-restaurant reviews was 39%, up from 33%, and 31% for non-restaurant information (location, hours, etc.), up from 28% in 2H13,” the analyst said.
Eighty percent of non-restaurant advertisers surveyed were new customers, according to Wilson, who “also saw stronger-than-expected demand for the performance-based product with one-third of businesses using it.”
“As Yelp introduces more Platform features and expands beyond restaurants and internationally, the [local exposure] opportunity will continue continue to expand,” said the Pacific Crest analyst.
Wilson has an Outperform rating and $115 price target on the stock, implying 81 percent upside from current levels.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in