Stock Track | Yelp Plunges 5% as Bank of America Cites Declining Usage and Competitive Threats

Stock Track09-17

Yelp Inc.'s stock plummeted by 5.02% on September 16, 2024, primarily driven by Bank of America's bearish initiation coverage and concerns over declining usage and increasing competitive pressure.

Bank of America Securities initiated coverage on Yelp with an "Underperform" rating and a $30 price target, citing declining usage coupled with growing competition, especially in the restaurant and retail segment. The analysts expect Yelp's revenue growth to remain in the mid-single digits and believe the company will continue to lose market share to other online media companies.

Moreover, analysts are concerned about the potential impact of artificial intelligence on consumer search habits, which could pose risks to Yelp's platform. Additionally, the increasing shift in advertising by restaurants to online food delivery platforms may erode Yelp's revenue from digital ads.

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