Wunderlich Securities Sees Price Decline As Buying Opportunity For Yelp

In a report published Friday, Wunderlich Securities analyst Blake T. Harper reiterated a Buy rating and $90.00 price target for Yelp, Inc. (NYSE: YELP).

In the report, Wunderlich Securities noted, "Yelp, Inc. (YELP) shares were lower yesterday after news reports of a highly critical documentary in production, but we don't believe the film has uncovered any new or incriminating evidence and we would use the price decline in YELP as a buying opportunity. The trailer appears to offer no new information about Yelp's review filter or local business owners' complaints about reviews on the site, and it insinuates that Yelp extorts businesses by manipulating reviews, which we, along with the courts, the FTC, and a Harvard Business School study, have been unable to find any evidence of.

"We believe Yelp is also on track to post high-single-digit sequential growth in unique visitors in Q1 according to Quantcast data; this compares with its 3% Q/Q decline in visitors in the seasonally slower Q4."

Yelp closed on Thursday at $45.18.