Yelp jumps following Cowen PT hike

Cowen's Kevin Kopelman has raised his Yelp (YELP +6%) PT to $80 from $60, and says he's more confident about the company's ad sales growth following talks with management.

Kopelman's long-term view definitely isn't a conservative one: He predicts Yelp will have a whopping 700K advertisers in 10 years, up from a mere 51.4K at the end of Q2.

Shares are close to their all-time high of $71.50. They fell last week after the New York AG announced the results of a sting operation targeting fake reviews on Yelp and other sites. The company later admitted 25% of its reviews get automatically filtered (and are thus rarely seen by users) by an algorithm that attempts to weed out fakes.

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