JPMorgan upgraded Yelp to Neutral from Underweight with an unchanged price target of $39 ahead of the Q3 report on November 2. Yelp has navigated the challenging advertising market better than most of its peers, with nine straight quarters of double-digit revenue growth, the analyst tells investors in a research note. The firm’s upgrade reflects its expectation for Yelp’s outperformance trends to continue in the second half of 2023. JPMorgan believes there is upside potential to Q3 revenue driven by resilient consumer spend.
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