Groupon (GRPN) Shares Jump as Morgan Stanley Upgrades to Overweight, Sets $18 Target

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Shares of Groupon (Nasdaq: GRPN) are up nearly 5 percent in Monday's pre-open session following an earlier upgrade from Morgan Stanley. The firm now rates the stock an Overweight, up from Equalweight previously. An $18 price target was set.

Morgan Stanley cited a sharp decline in the stock so far this year, saying valuation now looks more appropriate. The firm believes a number of daily deal clones such as Google (Nasdaq: GOOG) Offers, Amazon (Nasdaq: AMZN) Local and LivingSocial have become "less relevant." While these sites are growing, they have "not gained meaningful traction or deployed new innovations."

With Groupon shares last trading around $10.55 this morning, Morgan Stanley's new price target represents potential upside of about 70 percent.

Visit our Analyst Ratings page to track all the market-moving analyst action on shares of Groupon.

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