UPDATE: Cantor Fitzgerald Upgrades Yelp to Buy on Sell-Off Opportunity

Cantor Fitzgerald raised its rating on Yelp

from Hold to Buy with a $24 price target. Cantor Fitzgerald noted, "We are upgrading YELP shares to BUY while maintaining a $24 target, following a 20%+ price decline since 3Q:12 results (11/1/12.) The selloff was precipitated, in our view, by disappointing 4Q guidance relating to display advertising and not to the core Local Ad business. Yelp's brand, scale and strong network effect make it a clear beneficiary of the secular migration of local ad dollars online, in our opinion." Yelp closed at $18.99 on Monday.