cmcassid
Long

Yelp reversal (Daily)

NYSE:YELP   YELP INC
I know $YELP is trading at extremely ridiculous multiples, and even with a high estimated growth rate its hard to justify said multiples. Revenue growth is looking good year over year, though it is starting to decelerate from previous levels.

In regards to the technicals, there seems to be a falling wedge pattern and a possible double bottom (if indeed the stock holds that key support level of around $49/share.

I have a short term price target of $61, and a 'conservative' long term price target of $72 - $79/share.