Yelp hits near 2-yr high as Goldman Sachs upgrades to 'buy'

Yelp

17/07/2023 17:18

** Shares of advertising products co Yelp Inc.  YELP.N  jump
11% to $42.5, their highest since Aug 6, 2021
    ** Goldman Sachs raises stock rating to 'buy' from
'neutral', raises PT to $47 from $38
    ** Brokerage says co to benefit from stable/ rising local
advertising trends citing stable forecasts of peer cos,
incremental margin opportunity and increased shareholder returns
in coming years
    ** Sees potential for steady margin expansion over next five
years as revenue growth is generated at high incremental
margins- Goldman Sachs
    ** Brokerage foresees higher revenue driven by co's recent
investments in ad tech stack and new initiatives
    ** Stock set to post best day since Aug 5, 2022, if gains
continue
    ** 2 of 10 analysts rate the stock "buy", 5 rate it at
"hold" and 3 "sell"; median PT $36 – Refinitiv data
    ** Stock up 54% YTD

 (Reporting by Sruthi Narasimha Chari in Bengaluru)
 ((Sruthinarasimha.chari@thomsonreuters.com))