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Analyst Calls Google/Waze Combo a ‘Formidable’ Competitor to Yelp

Traders in Google (NASDAQ: GOOG) on Monday responded to earlier reports the company could be near a tie-up with Israeli GPS navigation start-up Waze in a $1.1 billion deal. Investors apparently liked the news, bidding up shares of Google by about 1.2 percent over the course of the trading session.

The acquisition would make the company a “more formidable competitor” to Yelp (NYSE: YELP), according to First Analysis analyst Todd Van Fleet.

Van Fleet noted Google’s and Waze’s combination of data sets would likely lead to more “relevant” advertising experiences for customers.

Yelp would be the most apparent competitor to the Google, Waze combo. Similar sites Angie’s List and ReachLocal both have revenue streams generated primarily by professional home services providers.

Van Fleet maintains an Equalweight rating on shares of Yelp.

Shares of Yelp closed down about 0.6 percent amid the rumor.

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