Deutsche starts coverage on Yelp with Buy rating and $81 PT

The coverage launch led YELP to rise 0.6% AH after jumping 5.3% in regular trading.

The regular-session gains were fueled by positive comments from Morgan Stanley's Scott Devitt. In addition to upgrading Groupon and downgrading OpenTable and Zillow, Devitt raised his Yelp PT to $49 from a mere $26 (still soundly below Yelp's current trading price), while asserting market analysis indicates the local reviews leader is "even better-positioned relative to one year ago, despite intense competition."

After digesting its giant post-earnings gains over the last month, Yelp is back near its post-IPO high of $59.35. Shorts apparently haven't been frightened away by Yelp's mammoth rally: 15.7% of the float was still shorted as of Aug. 15.

Update: SA commenter mikegre points out Yelp also got a lift from an upbeat Citi conference presentation (webcast).

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Comments (2)
  • mikegre
    , contributor
    Comments (63) | Send Message
    The stock shot up today because of the comments at the Citibank Global Tech Conference.
    5 Sep 2013, 09:55 PM Reply Like
  • SoldHigh
    , contributor
    Comments (991) | Send Message
    Yelp was 20s just a few months - DB waits until NOW (when it's 60s) to start coverage? Pathetic amateurs!
    6 Sep 2013, 11:21 AM Reply Like
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