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Fly News Breaks for July 12, 2019
GRUB
Jul 12, 2019 | 07:15 EDT
Wedbush analyst Ygal Arounian tells investors in a research note that he sees a "minor likelihood" that rules by the NY State Liquor Authority that can limit fees that can be charged by food-ordering companies such as GrubHub will have a meaningful impact on the company's GFS or revenue, as any cap would also be placed across all competitors. Of greater risk, Arounian says, is driver employment status, as pressure from the recent ruling in California would push to require GrubHub and others to classify drivers and delivery people as full time employees. The analyst maintains an Outperform rating and $100 price target.
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