Yelp downgraded to Neutral from Buy at Goldman Sachs

Goldman Sachs analyst Eric Sheridan downgraded Yelp to Neutral from Buy with a price target of $38, down from $46. The firm sees a more balanced risk/reward skew at current levels. While Goldman remains positive on Yelp’s competitive positioning within the home services category and expects services to be a continued driver of steady sales growth for the company over the next several years, its ad check work points to continued headwinds within Yelp’s core restaurants and retail category, the analyst tells investors in a research note.