KeyBanc analyst Andy Hargreaves started Yelp with a Sector Weight rating. Yelp suffers from a disconnect between its user acquisition funnel and its monetizing verticals that should prevent accelerated growth and material stock appreciation, Hargreaves tells investors in a research note. Further, the analyst believes driving a broad shift in brand perception is likely to be challenging given the diversity and scale of competition. He finds Yelp's risk/reward as neutral at current share levels. Hargreaves has a fair value estimate for the shares of $36.

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.