Yelp Rises After Earnings Beat Estimates, Analysts Back Stock
- The user-review site improved its local advertising sales
- Shares gain most intraday since May on earnings, forecast
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Yelp Inc. gained the most in three months after better-than-estimated quarterly profit and revenue spurred analysts to raise their recommendations on the user review site, citing strong local advertising and partnership deals.
The shares rose 13 percent to $37.03 at 1:50 p.m., after earlier climbing as high as $37.57, the biggest intraday increase since May 6. Yelp’s stock had gained 13 percent this year through Tuesday’s close.