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In a note released earlier Monday morning, Wunderlich analyst, Blake Harper gave a preview of what he expects out of Yelp, Inc.
YELP for the third quarter.
Harper commented, "Yelp is executing at a high level and is one of the best positioned companies to take market share of local advertising spend and that should only expand as its partnership with YP's larger customer base and sales force materializes."
Based on this belief of continued high performance, Harper has reiterated his Buy rating ans $105 price target.
For his key points, Harper highlighted:
- "Strong" sales execution should drive local ad revenues
- The company''s competitive position should be reinforced by user generated content. To this point, He noted Yelp's new features, such as posting videos, messaging business directly, and making reservations.
- International expansion - Yelp entered Hong Kong and Chile in the past quarter. Harper says this should support revenue growth. Yelp posted it first ever GAAP profit in the second quarter. Additionally the company put up EBITDA margins of over 19 percent, which were above the Wunderlich estimate of 14 percent. Harper now believes Yelp could hit 30 percent margins by 2016. For the third quarter, Harper is predicting revenues of $99.6 million and an EPS of $0.19.
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