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BUZZ-Just Eat: shares at record after Goldman hikes price target

Reuters - UK Focus

** Just Eat shares up 1.7 pct at a record high after Goldman Sachs (NYSE: GS-PB - news) hikes TP to 475p vs 455p (vs share price 428p) following recent strong FY & FY2015 outlook

** Stock is off day's highs, however, as 7-day rally faces some selling pressure; only second time since listing that it has risen for 7 successive sessions

** Goldman's FY15-18E EBITDA forecasts increase by c.4-7 pct reflecting stronger underlying growth expectations, partially offset by FX in Denmark & other regions

** Co operates in 13 countries & is world No. 1 online takeaway ordering service

** Lofty P/E of 74x (1-yr fwd) - akin to other tech valuations which sparked fears of new dotcom bubble - is a deterrent for some who say the co could be replicated given it is simply a web app acting in capacity of middleman

** Stock up about 65 pct vs 260p IPO price (April 2014) (RM (LSE: RM.L - news) : tricia.wright1.thomsonreuters.com@reuters.net)