UPDATE: Morgan Keegan Raises OpenTable's PT; Model Becoming Complex

According to a recent research report published by Morgan Keegan, OpenTable Inc.'s (NASDAQ: OPEN) new subscription model introduces significant moving parts to the model.

Morgan Keegan commented in the report, “N.A. adds improved Q/Q to 913 (vs MK's 750), Int'l loss better at ($501k), new service plan may encourage broader adoption over time. Top line upside primarily from advertising vs. diner strength (diners is our preferred metric), monetizing Int'l, lower opex responsible for $0.04/share of EPS outperformance.”

Morgan Keegan reiterates its Market Perform rating and increases PT from $39 to $50 on OpenTable, which is currently trading at $47.00.