Barclays Maintains an 'Underweight' on OpenTable (OPEN); 3Q11 Results Support Our Reservations
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Price: $3.53 +1.73%
Rating Summary:
4 Buy, 11 Hold, 5 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
4 Buy, 11 Hold, 5 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Barclays maintains an 'Underweight' on OpenTable (NASDAQ: OPEN) price target lowered from $60 to $53.
Barclays analyst says, "3Q11 Results Fall Short: OpenTable reported 3Q11 results that were below our and consensus forecasts, driven primarily by lower-than-anticipated seated diners and reservation revenue in the U.S. Total revenues, adj. EBITDA, and adj. EPS of $34.4mm, $13.1mm and $0.31, respectively compared to our estimates of $35.7mm, $14.0mm and $0.29 (note that a low tax rate and share count benefited EPS by $0.03)."
"Recommendation: 3Q11 results supported the cautious view we espoused in our
9/15/11 initiation report. That said, with the stock down >30% over the past month and a half and down >40% YTD, and with the stock trading near our downside case in after-market trading, the stock could be nearing trough levels. We remain cautious and maintain our rating for now, but we'll be monitoring restaurant counts and seated diner trends intra-quarter as well as the share price for opportunity."
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.
Barclays analyst says, "3Q11 Results Fall Short: OpenTable reported 3Q11 results that were below our and consensus forecasts, driven primarily by lower-than-anticipated seated diners and reservation revenue in the U.S. Total revenues, adj. EBITDA, and adj. EPS of $34.4mm, $13.1mm and $0.31, respectively compared to our estimates of $35.7mm, $14.0mm and $0.29 (note that a low tax rate and share count benefited EPS by $0.03)."
"Recommendation: 3Q11 results supported the cautious view we espoused in our
9/15/11 initiation report. That said, with the stock down >30% over the past month and a half and down >40% YTD, and with the stock trading near our downside case in after-market trading, the stock could be nearing trough levels. We remain cautious and maintain our rating for now, but we'll be monitoring restaurant counts and seated diner trends intra-quarter as well as the share price for opportunity."
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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