UPDATE: JMP Securities Initiates Coverage of GrubHub

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In a note issued earlier today, JMP Securities analyst, Ronald Josey initiated coverage of Grub Hub Inc.
GRUB
with a Market Perform rating and a $48 price target. Josey commented, "We were surprised to find that 80% of the restaurants we spoke with had positive comments regarding the platform, among the more positive checks we have completed across marketplace businesses in our coverage universe." Looking forward, Josey believes the company will be able to expand it overall margins given a 75 percent contribution margin. Moreover, he is predicting 27.6 percent year-over-year revenue growth for 2015. Amid the note, shares of GrubHub are trading up just over two percent to ~$37 as we launch into Wednesday's market session.
Posted In: Analyst ColorNewsPrice TargetInitiationAnalyst RatingsJMP SecuritiesRonald Josey
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