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Fly News Breaks for March 7, 2019
YELP
Mar 7, 2019 | 10:59 EDT
SQN issued a letter to Yelp's Board, stating that it is "prepared to support the newly refreshed Board and refrain from nominating director candidates for election at the 2019 Annual Meeting." In a research note to investors, SunTrust analyst Matthew Thornton maintained a Hold rating and $37 price target, saying he views the news as a "neutral" event, though says a let-up in activist pressure could be perceived to lessen the chance of a sale or other material change. The analyst continues to view near-term expectations as de-risked and said Yelp remains a "show-me story," with the company needing to show meaningful reacceleration in 2H19 given what he views as aggressive/optimistic 2020-2023 guidance.