Yelp stock rockets after company shows benefits from early economic recovery

“We are starting to see the impact of early signs of recovery and reopening of the economy on Yelp’s YELP, +8.76% business,” RBC Capital Markets analyst Shweta Khajuria wrote. “We continue to view Yelp as a ‘vaccine’ stock—with the release of a COVID vaccine, Yelp should benefit substantially in terms of foot traffic for businesses on its platform as well as its app traffic.”

She sees valuation upside for Yelp, which has declined 32% so far this year as the Nasdaq Composite Index COMP, +0.03% has gained 32%. Khajuria said Yelp’s pullback was “largely justified” given how the pandemic impacted revenue in the second quarter, but she now believes “the worst is behind Yelp.” She also sees signs of improving fundamentals.“While there are still pandemic-related risks, Yelp is on stronger product footing and has a more productive salesforce,” he wrote.

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