- "We believe there is a 65% chance Yelp (YELP -1.5%) eventually gets acquired, at a valuation at or slightly below the current share price," says Piper's Gene Munster, downgrading to Neutral.
- Munster, whose target has been cut by $24 to $46, thinks "a reasonable high-end assumption is that a Yelp acquisition would fetch $60/share." Priceline and Facebook are viewed as the mostly likely acquirers.
- Going into today, Yelp was up 24% from where it traded before the WSJ reported (Bloomberg would later confirm) the company is working with bankers to explore a sale.