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YELP

Yelp

$34.60

0.19 (0.55%)

06:47
12/10/18
12/10
06:47
12/10/18
06:47

Yelp says 'we maintain an ongoing dialogue with all of our shareholders'

Yelp issued the following statement in response to media coverage of comments made by SQN Investors LP: "While we generally do not comment on individual interactions with shareholders as a matter of corporate policy, Yelp maintains an ongoing dialogue with all of our shareholders and the broader investment community. Our investors have been a long-standing source of support, feedback and insight for Yelp. We value their investments and confidence and we welcome their input. Over the past three years, Yelp has had many interactions with SQN regarding our business and strategy. At SQN's request, in addition to dialogue with independent directors and management, Yelp invited SQN founder Amish Mehta and his investing partner Rock Meng to participate in a meeting on Monday December 10, 2018 with our CEO Jeremy Stoppelman and CFO Lanny Baker. However, rather than agreeing to meet, SQN chose to make its approach public by providing a letter to the media before sharing it with the Yelp Board. Regardless, our Board and management team are committed to maintaining an open dialogue with SQN and hearing their perspectives. We look forward to reviewing their letter once SQN sends it to us. Our Board of Directors and management team are committed to acting in the best interests of our shareholders, customers and employees. Led by our independent chairwoman and other independent directors, our Board is active, open-minded and engaged and consists of established industry leaders with a wide range of skill sets relevant to Yelp. The Board also continues to review its own composition and practices in order to ensure robust oversight and contributions to Yelp's strategy, priorities and execution. Yelp is committed to maintaining a highly relevant and diverse Board with the specific mix of skills and experience for our business that will help drive growth, facilitate oversight and deliver value for our shareholders. As such, the Board and Nominating and Corporate Governance Committee are in the process, with the support of a nationally-recognized director search firm, of considering potential skill sets and opportunities that would further strengthen and enhance our Board. We welcome investor input to the process. Yelp is well-positioned to capitalize on the opportunities before us and we are sharply focused on pursuing the right strategies to fortify that position and deliver sustained long-term growth. We are confident about the strategic initiatives we are executing, including continuing to evolve our business, targeting Restaurants and Home & Local Services categories as our strategic priorities, prioritizing enhanced product offerings and app features, diversifying our go-to-market strategies, divesting non-core businesses and leveraging partnerships where appropriate, reducing overseas investment and returning capital to shareholders. In addition to strategic and business actions, Yelp also took a new, well-received approach this year to our financial communications by writing quarterly letters to our investors to provide more transparency, context and clarity around our thinking. We also have strengthened our executive and operating team under our CEO with external leadership hires and internal promotions. Additionally, the Board's Compensation Committee has sought to ensure that the compensation of management, and especially that of the CEO -- who is one of our largest shareholders, takes a $1.00 salary and is compensated with option-based equity awards -- is highly aligned with shareholders and subject to regular review. The Board regularly evaluates actions to unlock the full potential of our business, capital allocation alternatives and the evolving competitive and consumer landscape, including the recent profitable sale of the Eat24 business. In addition, our Board and management team continue to analyze how we can best accelerate our business model, optimize our investments in targeted growth initiatives, improve our cost and expense structure and capitalize on margin enhancement. The Board also recognizes Yelp stock as an investment opportunity and remains committed to returning value to shareholders and as such, recently authorized a significant increase in its buyback program which was initiated over a year ago. Yelp has a strong strategy in place and the company is continuing to take decisive actions to execute that strategy and capitalize on opportunities to drive sustainable growth and value for all Yelp investors and stakeholders."

  • 14

    Dec

YELP Yelp
$34.60

0.19 (0.55%)

11/29/18
MKMP
11/29/18
NO CHANGE
Target $40
MKMP
Buy
Yelp price target lowered to $40 from $56 at MKM Partners
MKM Partners analyst Rob Sanderson lowered his price target on Yelp to $40, saying the stock is "damaged" because of the company's flawed business model and execution challenges. The analyst keeps his Buy rating however, saying the service still "provides value to a sizeable audience, continues to expand its value-add and connects many businesses to high-value customers and jobs". Sanderson expects Yelp's value to be "eventually monetized". Sanderson bases his price target on his view that "low-growth Internet stocks with spotty execution should trade around 10-tmes EBITDA" multiple.
11/13/18
SBSH
11/13/18
NO CHANGE
SBSH
Buy
Citi says now not the time to throw in towel on Yelp
Citi analyst Mark May believes the 27% post-earnings pullback Friday in shares of Yelp is understandable as the company's growth slowed, "and this represents another sales-related execution issue." However, now is not the time to throw in the towel on the stock, May tells investors in a research note. The factors driving the latest missteps appear addressable and similar to past issues that the company has ultimately worked through, says the analyst. Further, May notes that management has been able to improve margins and maintain profit growth. In addition, the valuation "is at levels that have represented a floor historically," May writes. He keeps a Buy rating on Yelp.
11/12/18
11/12/18
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 Hold om Buy at SunTrust with analyst Matthew Thornton citing a surprising and disappointing set of Q3 results following a "stellar" first half of 2018, highlighted by the return of sales execution issues, yielding an unexpected slowdown in gross account adds and continued churn. 2. Cheesecake Factory (CAKE) downgraded to Underweight from Equal Weight at Barclays with analyst Jeffrey Bernstein saying he sees headwinds persisting following the company's "disappointing" Q3 results and views the valuation as full at current share levels. 3. Infinity Pharmaceuticals (INFI) downgraded to Underweight from Neutral at JPMorgan and to Market Perform at Wells Fargo. 4. Skyworks (SWKS) downgraded to Neutral from Buy at Citi with analyst Atif Malik saying the company is being impacted by broad smartphone weakness, disappointing unit sales of Apple's (AAPL) iPhone XR, and a high Apple concentration, which represented 39% of sales in fiscal 2019. 5. AB InBev (BUD) downgraded to Hold from Buy at Argus with analyst David Coleman citing the company's dividend cut, which he believes reduces the attraction of the stock to income investors. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
11/12/18
DADA
11/12/18
NO CHANGE
Target $43
DADA
Buy
Yelp price target lowered to $43 from $53 at DA Davidson
DA Davidson analyst Tom Forte lowered his price target on Yelp to $43 after its "disappointing" performance in Q3. The analyst says the results were a surprise given how much "improvements the company has made in executing on the promise of its business model since Lanny Baker joined as CFO in 2016". Forte keeps his Buy rating on Yelp however, stating that the company is "actively working to address the reasons for the shortfall" in Q3 paying advertising additions and believes that the management "can make the necessary adjustments to get its business on track".

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