The company provides ordering from more than 115,000 takeout restaurants in 2,200 U.S. cities and London via brands including GrubHub, Seamless, LevelUp, MenuPages and others.
The stock closed 5.1% higher at $75.90 Tuesday on the New York Stock Exchange. May raised his price target on GrubHub to $91 from $75.
Reports say the analyst suggested that the company would be able to grow gross delivery sales even in the face of sharp competition.
GrubHub most recently partnered with Dunkin Brands (DNKN - Get Report) to deliver the Canton, Mass., doughnuts-and-coffee chain's products. It'll be starting with outlets in New York City with delivery via GrubHub and Seamless.
More generally it's been a busy time in the sharply competitive food-ordering and -delivery industry.
Amazon.com (AMZN - Get Report) recently said it would shut down its U.S. restaurant-delivery service after almost four years. Just a month earlier it had led a $575 million investment into the U.K. service Deliveroo.
And the Wall Street Journal reported that restaurants are taking advantage of the competition among the delivery services by negotiating lower fees for using them.
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