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

June 18, 2012 8:40 AM EDT
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Price: $37.29 +2.61%

Rating Summary:
    12 Buy, 18 Hold, 4 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 17 | Down: 11 | New: 18
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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.

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