GrubHub (GRUB) Losses Director to a Competitor - Cowen

Cowen analyst Kevin Kopelman shed some light on the reason for today's weakness in GrubHub Inc. (NYSE: GRUB), as noted earlier.

Kopelman noted that GrubHub disclosed on Dec. 24th that Bill Gurley of Benchmark, an early investor in both GrubHub and Uber, has resigned from GrubHub's board.

"We view Gurley's resignation as a loss to GrubHub, but not surprising given his board seat at Uber, which is increasingly competitive with GrubHub via its UberEATS food delivery service," Kopelman commented.

Benchmark continued to own at least 1.5M GrubHub shares as of May 2015.

Cowen maintained a Market Perform rating and price target of $22 on GRUB.

For an analyst ratings summary and ratings history on GrubHub Inc. click here. For more ratings news on GrubHub Inc. click here.

Shares of GrubHub Inc. closed at $25.38 yesterday.

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