Brean Capital analyst Tom Forte lowered his price target for Yelp to $40 from $58 after the company's Q3 and 2015 outlook missed expectations and it announced the exit of brand advertising. Forte cites an "increasing number of challenges" for the new price target, but believes there is "still significant value in the company." The potential remains for Yelp to be acquired, Forte writes in a post-earnings research note to investors. He keeps a Buy rating on Yelp. The crowd-sourced local business directory traded down $6.48 to $27.00 last night after reporting Q2 results. Baird analyst Colin Sebastian this morning lowered his price target for Yelp to $30 and kept a Neutral rating on the name.

Jefferies raised the firm's price target on Yelp to $43 from $42 and keeps a Hold rating on the shares. In a preview note for the U.S. Internet group, the firm says it will be looking for signs of sustainability in elevated ARPU growth at Yelp, especially as locations/app MAUs remain in decline.