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Shares of Grubhub (GRUB) - Get Grubhub, Inc. Report fell more than 40% Tuesday as analysts picked the food delivery service's bones clean following a disappointing earnings call.

The Chicago company said on the call that growth would not be as strong as anticipated. 

Grub Hub forecast fourth-quarter revenue between $315 million and $335 million. Analysts were forecasting $422.2 million.

The company told analysts that its "growth had deviated noticeably from where we thought it was going to be," prompting them to slash their average price target to $76 from $87, according to Bloomberg.

Analysts at Oppenheimer said competition was eroding usage of Grubhub's services, and they expected this trend to continue. The firm slashed its price target to $34 from $91. 

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Meanwhile, Bank of America analysts cut their price target to $30 from $98. "The food-delivery market is increasingly irrational as competitors flood the market," analyst Nat Schindler said. 

GrubHub's "answer to this irrationality, however, seems confusing: Its management letter seems to suggest that it will double down on its competitors' poor economic decisions," Schindler said. 

Jefferies lowered its price target to $45 from $78 with a hold rating. Its primary concerns are Grubhub's reduced outlook as well as its plans to increase spending. 

GrubHub "has turned into a revenue deceleration story with compressing margins all in the face of increased competition, not a great recipe for success," said analyst Brent Thill. 

At last check GrubHub shares were trading down 42% to $33.62.