UPDATE: JP Morgan Initiates Yelp at Neutral on Balanced Risk/Reward
JP Morgan initiated coverage on Yelp (NYSE: YELP) with a Neutral rating and a $19 price target.
JP Morgan noted, "We believe Yelp's breadth and depth of review content, trusted brand, and large potential local advertising opportunity make it well positioned to continue driving strong revenue growth and margin expansion. However, we think Yelp shares already reflect our positive fundamental view of the company. We view potential changes to Google's search algorithm (which drives 50% of Yelp's site visits), a relatively unproven track record outside the US, and a significant implied profitability ramp as risks to the stock at current levels."
Yelp closed at $19.30 on Tuesday.
Latest Ratings for YELP
|Apr 2017||Pacific Crest||Upgrades||Sector Weight||Overweight|
|Dec 2016||Aegis Capital||Initiates Coverage On||Buy|
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.