Yelp (YELP.US) stock rose more than 6% after the review site operator stock was upgraded to “buy” from “neutral” at Citi and the price-target was lifted to $48 from $33. The analyst in coverage expects strong growth and operating leverage, with the company set to benefit from local businesses reopening, sales moving to self-service channels, and moderating lease costs over the next few years.
Yelp (YELP.US) stock broke above the upper limit of the triangle formation and is approaching local resistance at $40.75 which is additionally strengthened by 50 SMA (green line). Should a break above occur, then upward move could be extended to the $43.90 level where March highs are located. However if sellers manage to halt declines, then another downward impulse toward the support zone around $ 34.56 could be launched. Source: xStation5
