Groupon (GRPN) PT Bumped to $6 at Macquarie
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Macquarie analyst Tom White reiterated an Outperform rating and bumped his price target on Groupon, Inc. (NASDAQ: GRPN) to $6.00 (from $5.30), saying local deals ramp remains strong and ad spend to support topline/mobile app momentum.
White notes a strong trajectory for deal volume; +26% since Apr. ‘16, +94% since Aug. ‘15. "Across the largest 20 U.S. cities, GRPN currently offers 130k deals marketed as “Local”. This is +26% since Apr ’16 (5,300 net new deals per month, the highest monthly average adds since we began tracking this data), and +94% since we first conducted this analysis in Aug ‘15. All 20 cities saw double-digit % growth since Apr ‘16," White comments. "Seasonality may be a factor, but this steady upward trend is positive in our view."
Shares of Groupon, Inc. closed at $5.23 yesterday.
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