Why Shares Of Yelp Spiked Higher On Friday

Shares of Yelp Inc (NASDAQ: YELP) were trading higher on Friday following an upgrade by analysts at Bank of America and CNBC's Jim Cramer spoke positively on the stock on television.

Bank of America's Paul Bieber upgraded shares of Yelp to Buy from Neutral, but lowered his price target to $70 from a previous $82. The analyst sees the new valuation target as “more compelling” as the company is expected to see revenue growth and margin expansion in 2015 and 2016.

Bieber also notes that the company is “one of the best positioned” companies to benefit from local, mobile and social trends.

Meanwhile, during CNBC's “Stop Trading” session, Jim Cramer echoed Bieber's comments that Yelp is “mobile, social, it has local, it is very powerful.” Cramer adds that he “agrees with the upgrade,” while admitting that he personally uses Yelp constantly.

Shares recently traded at $56.14, up 4.3 percent.