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Yelp stock falls after Aegis Capital downgrades to sell

Shares of Yelp Inc. are down 3.5% in Wednesday morning trading after Aegis Capital analyst Victor Anthony downgraded the stock to sell from hold. "The lifetime value of Yelp's account base is diminishing by as much as 25% as the business model transitions away from the 12-month contract to non-term or good-'til-cancelled contracts," Anthony wrote. Anthony isn't as upbeat as other analysts about the company's request-a-quote feature, which he thinks "is likely to underwhelm bullish expectations and is likely to be cannibalistic to local advertising." He lowered his price target to $34 from $45, and the new target makes Anthony the most bearish analyst on Yelp's stock among those tracked by FactSet.