Goldman Sachs downgraded GrubHub to neutral from buy and slashed its 12-month price target to $30 from $86, after the dismal earnings report.
to $31.79 after reporting disappointing third-quarter earnings and giving fourth-quarter guidance well below Wall Street's expectations.
"We significantly underestimated the impact of competitor investments on customer behavior across the space while overestimating both the potential for industry-wide growth and Grubhub's ability to maintain share," Terry wrote. GrubHub is honing in on restaurant partnerships and investing heavily in technology. Terry said he believes Grubhub is making the right long-term decisions for the business, but shares may struggle some more.
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