Google (GOOG) and Zagat Could Help OpenTable (OPEN), Not Hurt It - Analyst
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Price: $341.75 +1.05%
Rating Summary:
44 Buy, 6 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
44 Buy, 6 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Some comments from a Bank of America analyst today regarding Google's (Nasdaq: GOOG) announcement to acquire Zagat. On the announcement, OpenTable (Nasdaq: OPEN) stock was slammed, and shares are currently 8.3 percent lower heading into the close.
The BofA analyst said that Google's acquisition doesn't mean that it is going to build a competitor to OpenTable, as it would require a local sales force and come under serious regulatory risk. Instead, BofA sees Google and Zagat as OpenTable partners, with users being able to make reservations on Zagat and search Google Places for local restaurants.
Google is trading slightly higher Thursday afternoon.
The BofA analyst said that Google's acquisition doesn't mean that it is going to build a competitor to OpenTable, as it would require a local sales force and come under serious regulatory risk. Instead, BofA sees Google and Zagat as OpenTable partners, with users being able to make reservations on Zagat and search Google Places for local restaurants.
Google is trading slightly higher Thursday afternoon.
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