UPDATE: Stifel Initiates Coverage on Yelp on Strategic Asset Value, Low Penetration Rate

In a report published Friday, Stifel analyst Michael Purcell initiated coverage on Yelp (NYSE: YELP ) with a Buy rating and $85.00 price target. In the report, Stifel noted, “Yelp has enhanced local business discovery, enabling users to find, connect and, more recently, transact with merchants. Consumers use Yelp to