Benchmark Raises Target on OpenTable (OPEN) after Q3
Benchmark lifted its price target on Buy-rated OpenTable (NASDAQ: OPEN) from $49 to $52 following Q3 results.
The firm comments, "OpenTab'e reported solid 3Q12 results, with reservation growth of 22% y/y driving margin expansion. Hurricane Sandy has disrupted 8% of North American restaurants but this impact should be temporary. The long-term growth outlook is unchanged."
OpenTable estimates Hurricane Sandy is expected to negatively impact reservation revenue by $500,000 in Q4, but with 1,500 restaurants off-line the firm is concerned the impact could be greater than initially estimated.
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 $47.36 yesterday, with a 52 week range of $31.54-$52.64.
The firm comments, "OpenTab'e reported solid 3Q12 results, with reservation growth of 22% y/y driving margin expansion. Hurricane Sandy has disrupted 8% of North American restaurants but this impact should be temporary. The long-term growth outlook is unchanged."
OpenTable estimates Hurricane Sandy is expected to negatively impact reservation revenue by $500,000 in Q4, but with 1,500 restaurants off-line the firm is concerned the impact could be greater than initially estimated.
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 $47.36 yesterday, with a 52 week range of $31.54-$52.64.