Cowen Starts Groupon, Inc. (GRPN) at Underperform
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Cowen initiates coverage on Groupon, Inc. (NASDAQ: GRPN) with a Underperform rating and a price target of $2.75.
Analyst commented, "Groupon leads in US/Europe voucher deals and has $6B in billings, but op. margins are low and trending down. While Groupon may eventually be a turnaround candidate, we are initiating Underperform on 1) growth figures that suggest the marketplace has peaked, 2) investment in hyper-competitive food delivery, and 3) deteriorating margins. We view shares as expensive given core EPS of ~$0.10."
Shares of Groupon, Inc. closed at $3.82 yesterday.
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