Investment banking major JPMorgan Chase & Co. (JPM) recently announced that it has signed a definitive agreement to acquire The Infatuation, a restaurant discovery platform. The financial terms of the deal have been kept under wraps.
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Following the news, shares of the company appreciated marginally to close at $159.19 on Thursday.
Post the buyout, The Infatuation will continue to operate as a separate brand under JPMorgan.
With a checkered record of providing useful restaurant recommendations online, along with trusted reviews and situationally specific dining guides, JPMorgan’s buyout of the company, which includes The Infatuation’s entire business, including Zagat, will boost its presence in the dining segment.
The Co-CEO of JPMorgan, Marianne Lake, said, “We’ve long admired The Infatuation’s fresh approach to reaching people with relatable content that inspires new ways to experience life through food and drink, whether it’s down the street or across the globe. We look forward to building on our complementary missions of connecting people to experiences around a shared passion for dining.” (See JPMorgan stock chart on TipRanks)
Recently, Credit Suisse analyst Susan Roth Katzke reiterated a Buy rating on the stock with a price target of $177. The analyst’s price target implies upside potential of 11.2% from current levels.
The Wall Street community is cautiously optimistic about the stock with a Moderate Buy consensus rating based on 8 Buys, 4 Holds and 1 Sell. The average JPMorgan price target of $172.75 implies that the stock has upside potential of 8.5% from current levels.
JPMorgan scores a 7 out of 10 from TipRanks’ Smart Score rating system, indicating that the stock is likely to perform in line with market expectations. Shares have gained about 59.5% over the past year.
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