UPDATE: SunTrust Robinson Humphrey Reiterates Buy Rating, Lowers PT on Yelp on Still-Robust Growth

In a report published Thursday, SunTrust Robinson Humphrey analyst Robert S. Peck reiterated a Buy rating on

, but lowered the price target from $90.00 to $80.00. In the report, SunTrust Robinson Humphrey noted, “3Q was solid with revenue growth accelerating to 67% from 61% driven by the new YP partnership. Revenue, gross margin, EBITDA, and EPS topped consensus. For 4Q, EBITDA guidance is solid at $24.5M midpoint vs. consensus $24.1M. But revenue guidance below consensus primarily in Brand (less a focus) but also implying deceleration in core Local (to ~58% from 66%). The reason for the deceleration is unclear and begs the question whether guidance is conservative. We suspect out-year revenue forecasts will come down given lower guided growth exiting 4Q.” Yelp closed on Wednesday at $70.23.