Craig-Hallum analyst Alex Fuhrman reiterated a Buy rating on GrubHub and raised his price target to $180 from $160. In a research note to investors, Fuhrman says monthly restaurant checks showed that the overall network grew 35% from mid-September 2017 to mid-September 2018 following a similar 38% y/y growth in the previous month due to the Eat24/Yelp transaction, KFC/Taco Bell integration, and continued above-average growth in Tier 2 and Tier 3 markets. Fuhrman also notes that in the five months between mid-April and mid-September, GrubHub grew its restaurant network by a "very healthy" 6% in the 50 largest markets in the U.S., while in the 35 markets in which Grubhub launched delivery services in Q1, the restaurant network in those cities grew by 28% over the same five-month period.