Collins Stewart Maintains a 'Buy' on OpenTable (OPEN); Reducing 2012 Estimates and Price Target
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Price: $2.07 -3.72%
Rating Summary:
5 Buy, 12 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 13
Rating Summary:
5 Buy, 12 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 13
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Collins Stewart maintains a 'Buy' on OpenTable (NASDAQ: OPEN) price target lowered from $104 to $93.
Collins analyst says, "We are reducing our 4Q11/2012 revenues by 8% and PF EPS estimates by 13%-23% to reflect phasing out of Spotlight revenues and continued weakness in North America reservations volume and pricing. Our price target of $93 is based on 40x 2013 PF EPS of $2.33 or 1.0x PEG on forward 2 year earnings growth of 40%. While OPEN remains a solid long-term buy and inexpensive at 0.6x/0.4x PEG on 2012/2013 EPS, in the short term we are awaiting proof that the company can deliver strong revenue growth under new management and in a slow economic recovery, esp. in a seasonally strong quarter like 4Q or 1Q."
For more ratings news on OpenTable click here and for the rating history of OpenTable click here.
Shares of OpenTable closed at $43.10 yesterday.
Collins analyst says, "We are reducing our 4Q11/2012 revenues by 8% and PF EPS estimates by 13%-23% to reflect phasing out of Spotlight revenues and continued weakness in North America reservations volume and pricing. Our price target of $93 is based on 40x 2013 PF EPS of $2.33 or 1.0x PEG on forward 2 year earnings growth of 40%. While OPEN remains a solid long-term buy and inexpensive at 0.6x/0.4x PEG on 2012/2013 EPS, in the short term we are awaiting proof that the company can deliver strong revenue growth under new management and in a slow economic recovery, esp. in a seasonally strong quarter like 4Q or 1Q."
For more ratings news on OpenTable click here and for the rating history of OpenTable click here.
Shares of OpenTable closed at $43.10 yesterday.
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