UPDATE: Citi Initiates Coverage on Groupon at Neutral

According to Citi, Groupon

coverage is initiated at Neutral. Citi said that Groupon's success to date – in terms of Revenue AND Free Cash Flow – has been extremely impressive. “Our $24 PT is driven primarily by a 15X target multiple on our '13 EBITDA of $950MM, and supported by a DCF analysis & P/E and P/FCF multiples. This is an intrinsically high multiple, but one that is supported by Groupon's expected bottom-line growth rate and by comps.” Groupon closed yesterday at $23.