Yelp Shares Fly Higher As Goldman Sachs Upgrades Stock To 'Buy,' Foresees Single-Digit Revenue Growth From 2024-2027
Portfolio Pulse from Priya Nigam
Goldman Sachs has upgraded Yelp Inc's (NYSE:YELP) stock from Neutral to Buy, raising the price target from $38 to $47. This follows a proprietary study of the advertising industry suggesting that Yelp could generate mid to high single-digit revenue growth from 2024 to 2027. Yelp's revenues could also be boosted by recent investments in its ad tech stack and the scaling of newer initiatives. Yelp shares were up 10.54% to $42.15 at the time of publishing.
July 17, 2023 | 3:33 pm
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Goldman Sachs has upgraded Yelp's stock to 'Buy', predicting mid to high single-digit revenue growth from 2024 to 2027. This is expected to be driven by a stable local advertising environment and recent investments in ad tech. Yelp's shares were up 10.54% to $42.15.
The upgrade from Goldman Sachs, a leading financial institution, is a strong positive signal for Yelp. The predicted revenue growth, driven by a stable advertising environment and recent tech investments, is likely to attract investors, pushing the stock price up in the short term.
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