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Fly News Breaks for June 14, 2016
GRUB
Jun 14, 2016 | 08:40 EDT
Morgan Stanley analysts led by Brian Nowak lowered GrubHub estimates and reduced its price target to $26 from $30 saying consensus expectations due not properly reflect forward costs needed to remain in the lead of the online food delivery market. Nowak reduced GrubHub's 2017 and 2018 adjusted EBITDA estimates by 6% and 14%, respectively, and are now 9% and 19% below consensus. The analyst remains Equal Weight on shares until there is evidence its investments are generating material incremental topline and bottom line results.
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