Morgan Stanley has upgraded Yelp (YELP +3%) to Overweight, and set a $69 PT. The firm is a fan of Yelp's "competitive positioning, consistent execution, and predictable subscription-based revenue stream which offers investors a high degree of visibility."
Shares are still down 47% from a 52-week high of $101.75, and 7% from where they traded going into last week's Q1 report. At the same time, they remain up 103% from a 52-week low of $26.75, and over 3.5x from a $15 2012 IPO price.
MS has also upgraded Twitter this morning.