Yelp Shares Rise 5% Midday As Piper Jaffray Confirms Overweight RatingJason Furze (Author) Published Date : May 30, 2014 00:02 ET
Piper Jaffray analysts confirmed an overweight rating on online local guide platform Yelp (YELP) and said Yelp reviews are growing at a faster pace than rival Google Plus (GOOG). In a note, analyst Gene Munster said despite being a more mature platform, Yelp reviews grew at an annual rate of 130% compared to Google reviews which grew at 75% over the past year. The brokerage also kept an $80 price target on Yelp shares, which represents a potential upside of 38% from the stock's opening price on Thursday. In midday trading, Yelp shares climbed 5% to $60.64. The stock has a 52-week range of $26.75 to $101.75.
Yelp Shares Rise 5% Midday As Piper Jaffray Confirms Overweight Rating