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YELP

Yelp

$34.60

0.19 (0.55%)

07:20
12/10/18
12/10
07:20
12/10/18
07:20

SQN sends letter to Yelp, notes underperformance, lack of meaningful response

SQN Investors, the beneficial owner of more than 4% of the outstanding common stock of Yelp, issued a public letter to the Yelp board. In the letter, SQN outlines what it sees as the current board's lack of accountability and failure to address the numerous challenges facing Yelp, and calls for the board to be refreshed with new, independent voices - including the addition of stockholder representatives. "SQN Investors is currently one of the company's top five stockholders, beneficially owning more than 4% of the outstanding common stock of Yelp. We first invested in Yelp in August 2015 and have been consistent buyers of the stock, despite the company's prolonged underperformance. Yelp is now one of our largest investments. We believe that the size and duration of our investment demonstrate the level of conviction we have in both Yelp's leading position in local search and the potential value-creation opportunities that lie ahead for the company, if managed correctly. Now in our fourth year as investors, we feel we have given the board and management ample time to create value for stockholders. Our patience has now worn out. We are deeply concerned by the board's lack of urgency in addressing many of the issues facing Yelp. In our view, the board has failed to hold itself and management accountable for the company's strategic and operational missteps, repeated missed earnings, lost opportunities, and poor corporate governance. The lack of a meaningful response from the board, despite our considerable effort to engage with the board and management to address these issues, has caused us to speak publicly now before more time is wasted and further opportunities squandered."

  • 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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ETN

Eaton

$91.87

-0.35 (-0.38%)

05:28
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COVTY

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$0.00

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FCAU

Fiat Chrysler

$16.11

-0.1 (-0.62%)

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PUGOY

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UAVS

Ageagle Aerial Systems

$0.42

0.0385 (10.13%)

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NNGRY

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ERJ

Embraer

$17.10

-0.22 (-1.27%)

05:23
11/12/19
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Earnings
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PRBZF

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ERJ

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OZMLF

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SESN

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$1.14

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ERJ

Embraer

$17.10

-0.22 (-1.27%)

05:19
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Earnings
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AAXN

Axon

$64.41

-0.95 (-1.45%)

05:18
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INFO

IHS Markit

$68.90

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PLNT

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05:16
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