Yelp shares fall as BofA initiates coverage with bearish rating

Yelp

16/09/2024 15:53

** Shares of online reviews platform Yelp Inc  YELP.K  were down
nearly 3% at $33.43 in early trading Mon after BofA initiated
coverage with an "underperform" rating and a price target of $30
    ** "We believe Yelp's declining usage coupled with
increasing competitive pressure on the Restaurant, Retail &
Other segment (~1/3 of total revenues) will continue to weigh on
platform's growth outlook," BofA Securities analysts wrote in a
note Mon
    ** They added that they see "downside risk" to Wall Street's
estimates on the stock for 2025-26 and "expect downward
revisions to pressure multiple."
    ** The median 12-mo price target on YELP is $39, and eight
of 12 analysts covering the stock rate it a "hold," according to
LSEG
    ** Including the session move, YELP is down about 29% YTD.
The S&P 500  .SPX  is up about 18% YTD
    
    









 (Reporting by Caroline Valetkevitch)
 ((caroline.valetkevitch@thomsonreuters.com; +1 646 223 6393;
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