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Analyst Initiates Bearish Coverage on Yelp Stock
YELPYelp(YELP) Schaeffers Investment Research·2024-09-16 13:20

Shares of Yelp Inc (NYSE:YELP) are 2.6% lower before the bell after Bank of America initiated bearish coverage with an "underperform" rating and a 30pricetarget.Theanalystsciteddecliningusageanditsongoingimpactonthecompany′sgrowthoutlook.Comingintotoday,eightof10coveringbrokeragesratedYELPa"hold"orworse.However,the12−monthconsensustargetpriceof30 price target. The analysts cited declining usage and its ongoing impact on the company's growth outlook.Coming into today, eight of 10 covering brokerages rated YELP a "hold" or worse. However, the 12-month consensus target price of 41 is a 19.1% premium to Friday's close, which means more price-target cuts could be incoming.An unwinding of optimism in the o ...