UPDATE: Piper Jaffray Upgrades OpenTable to Overweight

Piper Jaffray raises its rating on OpenTable (NASDAQ: OPEN) to Overweight from Neutral and raises its price significantly to $64 from $38 as the company's secular and cyclical drivers align.

Piper Jaffray notes, "OpenTable reported Q4 upside and provided an optimistic view of 2012. OPEN shares have appreciated 30% year-to-date driven by an improved restaurant dining environment, consistently strong restaurant customer adoption and warming investor sentiment. In our view, formidable competition is lacking (OpenTable restaurant churn remains near 1%) and barriers to entry remain high as OpenTable continues to innovate on the ERB technology. The OpenTable business model is influenced by both secular and cyclical growth drivers. While the secular piece of the equation continues to play out, the cyclical tailwinds did not pick up until late Q4."

OPEN closed at $51.45 a share on Tuesday.