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Company News

BUZZ-GrubHub delivers "peak valuation," Wedbush downgrades to neutral

** GrubHub Inc shares off 2.6 pct early Mon after Wedbush downgraded the online restaurant delivery platform to “neutral” from “outperform”

** However, broker ups PT by $5 to $70

** Jefferies, Wells Fargo also increase PTs to $73 and $68, respectively

** Lead Wedbush analyst Aaron Turner believes co’s shares fairly valued after 2017’s “significant run up,” views diminishing competitive concerns, M&A contributions and tax benefits as priced into the stock

** On Oct 25, GRUB reported better-than-expected Q3 results, with profits, revenues and active diners surpassing analyst estimates, according to Thomson Reuters data and FactSet

** Of 25 analysts covering GRUB, 16 rate co “buy” or stronger, with 8 recommending “hold” and 1 “strong sell”; median PT $65

** Turner garners 5 of 5 possible stars from Thomson Reuters StarMine for past GRUB analysis

** Despite today’s slip, over the last 12 months GRUB shares have soared >95 pct, outperforming the Dow Jones Internet Commerce index’s ~44 pct advance (Stephen Culp)

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