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YELP

Yelp

$41.04

-0.84 (-2.01%)

, FB

Facebook

$176.06

3.23 (1.87%)

11:24
12/07/17
12/07
11:24
12/07/17
11:24

Yelp slides as Piper Jaffray says sell with long-form reviews losing relevance

Shares of Yelp (YELP) are sliding after Piper Jaffray analyst Sam Kemp downgraded the stock to Underweight, a sell-equivalent rating, yesterday after market close. The analyst cited a confluence of short and long-term concerns, including lower guidance and competition. SELL YELP: In a research note to investors, Piper Jaffray's Kemp downgraded Yelp to Underweight from Neutral and lowered his price target on the shares to $37 from $38. Due to the messiness of removing Eat24, the analyst believes investors missed that Yelp lowered organic fourth quarter guidance by about 2%, which suggests headwinds that Yelp appears to be attempting to offset by re-accelerating sales hiring. This is coming at the expense of a higher operating expense profile and is counter to management's thesis of decoupling revenue and sales headcount growth, he contended, adding that he believes the company may guide down 2018 revenue when it reports its fourth quarter despite likely reacceleration in mobile revenue growth. Longer-term, Kemp noted that traffic/user acquisition may become more difficult as Facebook (FB) and Google (GOOG; GOOGL) aggressively route traffic to their own offerings. Yelp's strategic value is declining alongside the relative importance of long-form reviews as consumers increasingly depend on short-form information from social, search and maps for local businesses, he argued. PRICE ACTION: In morning trading, shares of Yelp have dropped over 1% to $41.31.

YELP

Yelp

$41.04

-0.84 (-2.01%)

FB

Facebook

$176.06

3.23 (1.87%)

GOOG

Alphabet

$1,018.38

13.23 (1.32%)

GOOGL

Alphabet Class A

$1,032.72

13.12 (1.29%)

  • 07

    Feb

  • 18

    Mar

YELP Yelp
$41.04

-0.84 (-2.01%)

12/05/17
EVER
12/05/17
INITIATION
Target $46
EVER
In Line
Yelp initiated with an In Line at Evercore ISI
Evercore ISI analyst initiated Yelp with an In Line and $46 price target.
12/05/17
EVER
12/05/17
INITIATION
Target $46
EVER
In Line
Yelp initiated with an In Line at Evercore ISI
As reported earlier, Evercore ISI analyst Anthony DiClemente initiated Yelp (YELP) with an In Line rating and a price target of $46. DiClemente says the execution issues are now in the past as investor focus shifts to longer-term fundamentals. While there is runway for advertising penetration among local businesses, the analyst writes in his research note, there is also concern over the longer term about the company's competitive positioning relative to Facebook (FB) and Google (GOOGL). DiClemente believes that given the stock price appreciation of about 13% year-to-date, estimates would have to rise to justify more gains.
12/06/17
PIPR
12/06/17
DOWNGRADE
Target $37
PIPR
Underweight
Yelp downgraded to Underweight from Neutral at Piper Jaffray
Piper Jaffray analyst Sam Kemp downgraded Yelp (YELP) to Underweight from Neutral and lowered his price target for the shares to $37 from $38. The stock closed the trading day down $1.02 to $41.88. Given the "messiness" of removing Eat24, investors missed that Yelp lowered organic Q4 guidance by 2%, Kemp tells investors in a research note. He believes the company may guide down 2018 revenue when reporting Q4 results. Further, the analyst thinks Yelp's believe traffic will become more difficult as Facebook (FB) and Google (GOOG, GOOGL) aggressively route traffic to their own offerings. In addition, Kemp does not view Yelp as an acquisition candidate.
12/07/17
12/07/17
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Yelp (YELP) downgraded to Underweight from Neutral at Piper Jaffray with analyst Sam Kemp saying given the "messiness" of removing Eat24, investors missed that Yelp lowered organic fourth quarter guidance by 2%. 2. Toll Brothers (TOL) downgraded to Outperform from Strong Buy at Raymond James with analyst Buck Horne saying fiscal 2018 gross margins are more cautious than expected due to New York City headwinds ahead of an upcoming supply wave. 3. Priceline (PCLN) and Expedia (EXPE) were downgraded to Neutral from Buy at MKM Partners. 4. Ctrip.com (CTRP) downgraded to Neutral from Overweight at JPMorgan with analyst Alex Yao saying the introduced an opt-in option in early October by removing part of the default purchase setting of bundled products. 5. Allergan (AGN) downgraded to Hold from Buy at Argus analyst David Toung saying the company's Botox may face increasing competition from a botulinum toxin-based product being developed by Revance Therapeutics (RVNC) by 2020. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
FB Facebook
$176.06

3.23 (1.87%)

12/06/17
12/06/17
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Alibaba (BABA) initiated with a Positive at Susquehanna. 2. WWE (WWE) initiated with an Overweight at JPMorgan. 3. Facebook (FB), Alphabet Class A (GOOGL), and Amazon.com (AMZN) were initiated with an Outperform at Evercore ISI, while Netflix (NFLX) was initiated with an In Line. 4. Applied Materials (AMAT) initiated with an Outperform at Wells Fargo. 5. Delphi Technologies (DLPH) was initiated with an Overweight at Barclays while being initiated with a Neutral at BofA/Merrill and UBS. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
12/07/17
COWN
12/07/17
NO CHANGE
COWN
Tax reform should drive upside for internet companies, says Cowen
Cowen analyst John Blackledge said the proposed U.S. tax overhaul should drive earnings upside at Facebook (FB), Amazon (AMZN) and Alphabet (GOOG). He estimates the cut would result in tax savings, leading to increased estimates for the companies and also notes the potential for repatriation to provide a lift.
GOOG Alphabet
$1,018.38

13.23 (1.32%)

11/24/17
MSCO
11/24/17
NO CHANGE
MSCO
Morgan Stanley says Cerner could be Amazon's 'Trojan horse' into hospitals
Following a report that Cerner (CERN) and Amazon's (AMZN) AWS are in the final stages of partnership negotiations that would see Amazon provide cloud services for Cerner's population health product, HealtheIntent, Morgan Stanley analyst Ricky Goldwasser said a Cerner partnership could be the "Trojan horse" that helps Amazon build hospital relationships to compete against established GPOs and medical distributors. From Cerner's side, the partnership gives them a leg up in population health relative to competitors like Allscripts (MDRX) and athenahealth (ATHN), said Goldwasser, who wonders if this announcement will lead to other cloud /healthcare IT partnerships with the likes of Microsoft (MSFT) and Google (GOOGL).
12/05/17
MSCO
12/05/17
INITIATION
Target $28
MSCO
Overweight
Bandwidth initiated with an Overweight at Morgan Stanley
Morgan Stanley analyst Meta Marshall started Bandwidth (BAND) with an Overweight rating, calling the company unusual in the communications space since it owns both a software platform and the underlying nationwide IP voice network. Marshall, who thinks the market is underappreciating how compelling Bandwidth's value proposition could be, particularly with larger customers like Google (GOOG), Microsoft (MSFT), Amazon (AMZN) and Cisco (CSCO), set a $28 price target on Bandwidth shares.
GOOGL Alphabet Class A
$1,032.72

13.12 (1.29%)

12/05/17
EVER
12/05/17
INITIATION
Target $1230
EVER
Outperform
Alphabet Class A initiated with an Outperform at Evercore ISI
As reported earlier, Evercore ISI analyst Anthony DiClemente initiated Alphabet with an Outperform rating and a price target of $1,230. DiClemente says Alphabet will remain "the world's largest and most successful advertising platform well into the next decade". The analyst adds that mobile search will continue to see robust revenue growth and YouTube can supplement the strong audience trends with monetization improvement. DiClemente also says Google Play app store and Cloud can provide attractive opportunities in markets beyond advertising.

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FRC

First Republic

$88.54

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05:11
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HCM

Hutchison China MediTech

$31.11

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LNCE

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LNCE

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$44.42

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$48.56

-0.63 (-1.28%)

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CSX

CSX

$57.31

-0.38 (-0.66%)

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ADBE

Adobe

$175.00

-1.83 (-1.03%)

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ADBE

Adobe

$175.00

-1.83 (-1.03%)

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SON

Sonoco Products

$53.13

-0.6 (-1.12%)

04:59
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SEE

Sealed Air

$48.03

-0.22 (-0.46%)

, AVY

Avery Dennison

$114.28

-0.09 (-0.08%)

04:58
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SEE

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$48.03

-0.22 (-0.46%)

AVY

Avery Dennison

$114.28

-0.09 (-0.08%)

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HCLP

Hi-Crush Partners

$10.80

-0.1 (-0.92%)

04:55
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MET

MetLife

$52.49

-0.35 (-0.66%)

04:55
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$34.22

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ADRNY

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PJT

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