UPDATE: Wunderlich Raises PT on Yelp on Good Market Position

In a report published Thursday, Wunderlich Securities analyst Blake T. Harper reiterated a Buy rating on Yelp (NYSE: YELP), and raised the price target from $53.00 to $82.00.

In the report, Wunderlich Securities noted, “We are raising our price target on Yelp Inc. (YELP) to $82 from $53 as we believe the company has become better positioned with new products to capture marketing spend from local businesses. Our survey of local business advertisers has indicated a generally positive impact to their business and ROI from Yelp advertisements although many business owners remain frustrated with the review filter. We expect Yelp to continue to exceed expectations by focusing on taking market share from other local advertising services, especially from offline sources. We also expect investors to continue to reward the company's ability to increase its share of mobile searches and ads and eventually become a predominantly mobile company.”

Yelp closed on Wednesday at $70.69.