UPDATE: National Alliance Reduces Target to $18.31 on Yelp on Risk/Reward

National Alliance reiterated its Market Perform rating on Yelp (NYSE: YELP) and lowered its price target from $24.35 to $18.61.

National Alliance noted, "We view the Company's near term share price risk / reward profile balancing neutral, with expected near term local advertising sales growth offset by a relatively rich valuation (trading 8X TTM revenue), limited mobile platform monetization, dilutive acquisition digestion, brand advertising weakness and competitive threats. We would look more favorably on the Company's risk / reward profile under $17 per share (reduced from $20 per share), where shares could find support at the $15 level (at risk)."

Yelp closed at $17.72 on Friday.