Goldman Sachs analyst Eric Sheridan downgraded Yelp to Neutral from Buy with a price target of $33, down from $49, after assuming coverage of the name. The analyst is “constructive” on Yelp’s ability to continue to grow paid advertising locations and capture an increasing share of existing advertiser budgets. However, the macroeconomic environment and competitive landscape will dictate local advertising spend growth over the next two years, Sheridan tells investors in a research note. As a result, he sees a balanced risk/reward on shares from current levels.