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Yelp Stock Slumps, Wells Fargo Cuts Rating to ‘Underperform'

NEW YORK (TheStreet) -- Shares of Yelp (YELP) are retreating 2.7% to $29.56 late Wednesday morning as Wells Fargo downgraded shares to "underperform" from "market perform," the Fly reports.

The firm also reduced its price target range on the stock to $21 to $23 from $22 to $24.

Wells Fargo said consensus estimates "embed too much optimism" for 2017 and 2018.

Additionally, the San Francisco-based company will face an "increasingly challenging competitive revenue and profit environment" in the next few years, according to the firm.

Yelp's competition in...