Tigress Financial Initiates Coverage on Yelp

Today Tigress Financial analyst, Philip Van Deusen came out Neutral on Yelp citing a high valuation and increasing competition from Google

, Priceline

, and TripAdvisor

. Looking at the company's valuation, Deusen noted that Yelp's EV/S ratio is 17.42 x, this compares to an average peer multiple of 8.85 x. In terms of competition, Deusen noted Google could put pressure on Yelp through its "strong" map and search platforms. Moreover, he says the recent Priceline acquisition of OpenTable will allow the company to further expand into Yelp's territory.