Wedbush analyst Ygal Arounian initiated Yelp with an Outperform rating and $60 price target, telling investors in a research note that Yelp is one of his top picks across his coverage universe, as he believes the business model changes being implemented will help accelerate growth which is not reflected in investor sentiment or valuation. Arounian also says there continues to be mixed-to-negative sentiment on Yelp shares and the company's ability to follow through on its advertising changes, and believes the dismay comes from investors worrying over management's conservative guidance and "hesitation to fully commit" to confidence in the advertising contract changes. As previously announced, Yelp was also added to Wedbush's Best Ideas List.