NEW YORK (TheStreet) -- Shares of Yelp Inc (YELP) were slightly down 0.09% to $45.24 in early market trading Tuesday, after analysts at Topeka Capital Markets initiated coverage on the review website this morning.
The firm started coverage with a "buy" rating and a $60 price target.
Topeka Capital believes Yelp's sales force expansion could drive 50% plus growth in local advertising revenue.
It also likes Yelp's partnership with YP, formerly Yellow Pages, and with food delivery company Eat24.
San Francisco-based Yelp is a website for reviews that provides local businesses with a range of free and paid services, helping them engage with consumers.
The company's users having contributed a total of about 36 million reviews of various businesses including restaurants, boutiques and salons to dentists, mechanics and plumbers on its platform.
Separately, TheStreet Ratings team rates YELP INC as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
"We rate YELP INC (YELP) a HOLD. The primary factors that have impacted our rating are mixed, some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and compelling growth in net income. However, as a counter to these strengths, we find that the stock has had a generally disappointing performance in the past year."