- Yelp (YELP +29%) is soaring after backing up yesterday's post-earnings gains in the regular session and then some, and with analysts jacking up price targets in response.
- Jefferies sees heavy upside in a $55 price target (now implying 12% upside after today's heavy gain). The company's well positioned to take increasing share of ad dollars headed online, and can benefit from its decision to stop tying up advertisers in long-term contracts, taking incremental spend from those with more seasonality that were hesitant to hnd over $3K-$4K for a 12-month deal before. (h/t Bloomberg)
- "No contract terms, no problem," say Raymond James. Analyst Aaron Kessler says it could take a quarter or two to diminish concerns about the contract transition but initial data is encouraging
- SunTrust's Matthew Thornton sounded a note of caution on traffic growth from applications, desktop and mobile Web that fell 4%, but boosted his target to $51. Raymond James' Kessler thinks traffic concerns may be overblown.
- Earnings call transcript
- Now read: Alphabet (NASDAQ:GOOGL): Monthly Breakout Confirmed
Original article