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Fly News Breaks for January 9, 2019
GRUB
Jan 9, 2019 | 08:55 EDT
Morgan Stanley analyst Brian Nowak lowered his FY19 and FY20 EBITDA estimates for GrubHub by 7% and 3%, respectively, as he believes delivery expansion will be a key pressure point for margins. He cut his price target on GrubHub shares to $78 from $101, adding that he would not be surprised if the stock sees further multiple compression as he believes GrubHub is likely to guide down estimates based on higher delivery investment. Delivery execution worries have pressured the stock's multiple in the past, noted Nowak, who keeps an Equal Weight rating on GrubHub shares.
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