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Yelp -2.4% as Cantor sees positives reflected in current price

Oct. 09, 2017 1:40 PM ETYelp Inc. (YELP) StockYELP, JTKWYBy: Jason Aycock, SA News Editor
  • Coming off a 52-week high Friday, Yelp (NYSE:YELP) is 2.4% lower as Cantor Fitzgerald downgrades to Neutral, seeing all the positives now baked in.
  • Shares are up 32.7% in 2017, but they're up 41% just over the past couple of months. At $45.61 currently, the firm believes it's fairly valued compared to a discounted cash flow-derived target of $44.
  • Ad revenue growth is healthy, and Cantor expects contributions from the national and self-serve channels to continue growing.
  • But: "While retention/churn has improved with client partner team retention efforts, it's important to note that quarterly SMB local ad revenue could remain choppy in any given quarter as a result of these factors," the firm says.
  • It adds the partnership with GrubHub (NYSE:GRUB) could boost transaction revenues, with a 25% gain expected; food orders on Yelp were up 50% Y/Y in Q2.

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