Wedbush sees significant upside for Grubhub

• Wedbush initiates coverage on Grubhub (NYSE:GRUB) with an Outperform rating.
• "We believe recent delivery initiatives and strategic acquisitions coupled with continued diner adoption of mobile-based restaurant take-out and delivery methods should drive robust revenue and earnings growth for the foreseeable future," reads the note from analyst Aaron Turner.
• Wedbush sets a price target of $40 on GRUB. Shares are inactive in the premarket session.