Craig-Hallum analyst Alex Fuhrman says Grubhub's restaurant network declined 2.0% month/month in July, driven by a 1,000 restaurant decline within a 10-mile radius of New York City, its largest market. Excluding NYC, Grubhub's restaurant network grew 0.5% month/month, roughly in-line with historical trends, he notes. On a year-over-year basis, the analyst points out that Grubhub's restaurant network in the 50 largest cities is up 19.8%, while experiencing stronger growth in new delivery market additions. Fuhrman has a Buy rating and $100 price target on the shares.