UPDATE: Oppenheimer Upgrades OpenTable (OPEN) to Outperform; Potential Upside in 2013
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Price: $4.49 --0%
Rating Summary:
4 Buy, 11 Hold, 5 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 22 | New: 8
Rating Summary:
4 Buy, 11 Hold, 5 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 22 | New: 8
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(Updated - August 3, 2012 12:42 PM EDT)
Oppenheimer upgraded OpenTable (NASDAQ: OPEN) from Perform to Outperform with a price target of $46.00.
Analyst, Jason Helfstein, said, "We are upgrading OPEN shares as 2Q results and guidance suggest near-term revenue stability, and we see the potential for upside in 2013 as the company focuses on improving US conversion rates and its mobile products. 2Q EBITDA increased 21%, 7% above guidance, and management forecasts similar FY growth. Global diner growth was 27% year/year vs. 34% in 1Q, but could accelerate post the Top-table integration and US conversion initiatives."
"Our ($46) target assumes 12x '13 EBITDA or a 23x PE, still well below its nearest comparable HomeAway (Nasdaq: AWAY) at 17x and 34x consensus (FactSet) respectively."
For an analyst ratings summary and ratings history on OpenTable click here. For more ratings news on OpenTable click here.
Shares of OpenTable closed at $34.15 yesterday.
Oppenheimer upgraded OpenTable (NASDAQ: OPEN) from Perform to Outperform with a price target of $46.00.
Analyst, Jason Helfstein, said, "We are upgrading OPEN shares as 2Q results and guidance suggest near-term revenue stability, and we see the potential for upside in 2013 as the company focuses on improving US conversion rates and its mobile products. 2Q EBITDA increased 21%, 7% above guidance, and management forecasts similar FY growth. Global diner growth was 27% year/year vs. 34% in 1Q, but could accelerate post the Top-table integration and US conversion initiatives."
"Our ($46) target assumes 12x '13 EBITDA or a 23x PE, still well below its nearest comparable HomeAway (Nasdaq: AWAY) at 17x and 34x consensus (FactSet) respectively."
For an analyst ratings summary and ratings history on OpenTable click here. For more ratings news on OpenTable click here.
Shares of OpenTable closed at $34.15 yesterday.
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