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In a report published Wednesday, SunTrust Robinson Humphrey analyst Bob Peck maintained a Buy rating on Yelp Inc (NYSE: YELP), while lowering the price target from $52 to $37.
The analyst expressed concern regarding the resignation of Chairman Max Levchin, who has been the company's seed investor and has had longstanding ties with the founder/CEO of Yelp.
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The announcement of the resignation came just one month after Yelp had reportedly called of discussions with potential candidates.
The company has also announced the closure of its high margin, but non-core, Brand business, less than two months after the management "alluded to strong orders pipeline and opening of mobile display inventory to programmatic channels as reasons for confidence in full-year guidance," Peck stated.
Yelp, however, posted its Q2 results with some positives, such as the revenue coming in marginally ahead of the consensus and in-line EBITDA. Eat24 reported revenue growth of 73 percent year-on-year for the quarter.
The company has, however, significantly lowered its full-year revenue and EBITDA guidance, driven by the closing of the Brand business, higher marketing spend and fewer sales hires.
"However, we wonder if risk/ reward is more favorable here with sentiment dire and forecasts being slashed, making for a better setup to meet/beat going forward," Peck added, while mentioning that he continued to view Yelp as an acquisition target at an estimated value of $1.8 billion.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.