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Grubhub undefined shares finished higher Tuesday, even after analysts at Barclays and Morgan Stanley cut their price targets on the food-delivery company ahead of its third-quarter results due later this month. 

Barclays lowered its price target to $51 a share from $62 because of slower growth in orders, which in turn stems from increased competition from rivals like Uber Eats (UBER) - Get Free Report and DoorDash.

The firm says sentiment on the company "is very bearish" and won't improve until fiscal 2020. Barclays rates the stock underweight.

Meanwhile, Morgan Stanley cut its price target to $59 from $68 while maintaining its equal-weight rating. Morgan Stanley also sees competition as a headwind, along with increased delivery pricing. 

The firm sees those headwinds pushing the company closer to its $38 bear case, "given the expected negative revisions ahead."

Morgan Stanley's price target represents a potential upside of 8% from the stock's Monday closing price of $54.41. Barclays's $51 price target indicates 6.3% potential downside.

Grubhub shares on Tuesday closed up 3.1% at $56.07.