UPDATE: Barclays Downgrades OpenTable (OPEN) to Equalweight; Stumbling Into Q2
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Price: $2.14 -0.47%
Rating Summary:
5 Buy, 12 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 9
Rating Summary:
5 Buy, 12 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 9
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(Updated - July 2, 2012 12:35 PM EDT)
Barclays downgraded OpenTable (NASDAQ: OPEN) from Overweight to Equalweight with a price target of $43.00 (from $50.00).
Analyst, Mark May, cites a slowdown in reservations growth (30M vs. prior estimate of $31.4M vs. consensus of 30.9M) and net restaurant additions (622 vs. prior estimate of $882 vs. consensus of 740). May believes the declining numbers are representative of cyclical macro/industry trends and thinks shortfall will result in a Q2 miss. May also pegs a $43 price target on OPEN, but estimates shares could fall to $37.
Overall, the Barclays analyst is bullish on the company's long-term growth outlook and positioning versus competition. However, he lowers FY12 EPS estimate from $1.49 to $1.47 and FY13 from $1.67 to $1.60.
For an analyst ratings summary and ratings history on OpenTable click here. For more ratings news on OpenTable click here.
Shares of OpenTable closed at $45.01 yesterday.
Barclays downgraded OpenTable (NASDAQ: OPEN) from Overweight to Equalweight with a price target of $43.00 (from $50.00).
Analyst, Mark May, cites a slowdown in reservations growth (30M vs. prior estimate of $31.4M vs. consensus of 30.9M) and net restaurant additions (622 vs. prior estimate of $882 vs. consensus of 740). May believes the declining numbers are representative of cyclical macro/industry trends and thinks shortfall will result in a Q2 miss. May also pegs a $43 price target on OPEN, but estimates shares could fall to $37.
Overall, the Barclays analyst is bullish on the company's long-term growth outlook and positioning versus competition. However, he lowers FY12 EPS estimate from $1.49 to $1.47 and FY13 from $1.67 to $1.60.
For an analyst ratings summary and ratings history on OpenTable click here. For more ratings news on OpenTable click here.
Shares of OpenTable closed at $45.01 yesterday.
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