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Fly News Breaks for January 17, 2020
GRUB
Jan 17, 2020 | 06:38 EDT
Wells Fargo analyst Brian Fitzgerald raised his price target for GrubHub to $60 from $35. The analyst tells investors in a research note that his fundamental outlook remains intact, where he expects significant margin contraction in 2020 on more aggressive investment, but expects that EBITDA growth could be elevated in 2021 and beyond as investment levels recede and competitive dynamics gradually become more benign and/or manageable. He notes that GrubHub has publicly denied that it is considering a sale of the company.
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