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Grubhub Is Getting a Bigger Menu and Investors Are Thrilled

Grubhub has made three acquisitions in the last two months.

In the last two months, the food-delivery company has scooped up three of its smaller peers -- Foodler, Groupon’s OrderUp, and Yelp’s Eat 24. Barron’s Next praised a few of the courses.

Now a Wall Street analyst is assessing the entire meal and giving it a favorable review. On Monday, Morgan Stanley analyst Brian Nowak upgraded Grubhub shares to Overweight, on his belief that Grubhub will benefit from its enhanced scale, even as the competition grows.

Nowak doesn’t expect that deep-pocketed...