Goldman Sachs Upgrades OpenTable (OPEN) to Buy
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Price: $2.12 -8.62%
Rating Summary:
4 Buy, 11 Hold, 5 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 12 | Down: 22 | New: 41
Rating Summary:
4 Buy, 11 Hold, 5 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 12 | Down: 22 | New: 41
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Goldman Sachs upgraded OpenTable (NASDAQ: OPEN) from Neutral to Buy with a price target of $76.00. Analyst Heath P. Terry noted mobile opportunities and he thinks a recent decline in the stock creates a good entry.
"Since the July 18 announcement that Yelp (NYSE: YELP) would acquire SeatMe, an early stage OpenTable competitor, OPEN shares have declined 6.5% vs. the S&P 500 at +0.2% and are down 16% from prior highs. We believe this has created an opportunity ahead of what we expect to be a strong quarter of seated diner growth, increasing product innovation, the 3Q launch of the cloud-based ERB, improving mobile & desktop conversion, and potentially beneficial changes to the company's rewards program," said Terry.
"We believe the over 9mn monthly reservations opentable.com generates is a massive barrier preventing any competitor's success," he added.
For an analyst ratings summary and ratings history on OpenTable (NASDAQ: OPEN) click here. For more ratings news on OpenTable click here.
Shares of OpenTable closed at $63.97 yesterday.
"Since the July 18 announcement that Yelp (NYSE: YELP) would acquire SeatMe, an early stage OpenTable competitor, OPEN shares have declined 6.5% vs. the S&P 500 at +0.2% and are down 16% from prior highs. We believe this has created an opportunity ahead of what we expect to be a strong quarter of seated diner growth, increasing product innovation, the 3Q launch of the cloud-based ERB, improving mobile & desktop conversion, and potentially beneficial changes to the company's rewards program," said Terry.
"We believe the over 9mn monthly reservations opentable.com generates is a massive barrier preventing any competitor's success," he added.
For an analyst ratings summary and ratings history on OpenTable (NASDAQ: OPEN) click here. For more ratings news on OpenTable click here.
Shares of OpenTable closed at $63.97 yesterday.
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