SunTrust analyst Matthew Thornton maintained a Hold rating and $37 price target on Yelp (YELP) shares. He noted that the company reports Q3 earnings on November 7 after the market close, and believes the consensus revenue number will be a "high hurdle." More importantly, according to the analyst, the company has three new board members, is in the middle of a CFO transition, has what the analyst sees as "overly aggressive" long-term guidance, and there is reported takeover interest from Groupon (GRPN). This leads Thornton to believe "the prospect of change is higher than it's been." He does not think that more buybacks will be enough, he thinks acquisitions will be scrutinized, and he added that the company has already tried to "tinker with the business model" recently. So, he concluded that "real change (to change the investment narrative) may require significant partnership(s), leadership change, and/or a sale," and he believes the numbers work for a Groupon-Yelp deal.