UPDATE: Goldman Sachs Initiates Coverage on Groupon at Buy

According to Goldman Sachs, Groupon

coverage is initiated at Buy. Goldman Sachs said that it is initiating coverage on Groupon with a Buy rating and a $29 12-month target. “We view Groupon as the key to unlocking the massive local advertising market with which the Internet has long struggled.” Groupon closed yesterday at $23.32.