UPDATE: Bank of America Downgrades Groupon; Lowers PT

According to a research report published earlier today, Bank of America has downgraded Groupon

from Buy to Neutral, and lowered PT from $30 to $20. In the report, Bank of America said, “Groupon has been our most disappointing call in 2012 as we thought 4Q margin upside, a rebound in 4Q take rates, and data suggesting an improving competitive landscape would improve sentiment on the stock. While we remain constructive on the local deals opportunity, and we see this accrual change as an estimation mistake in an evolving hard-to-predict business, it should take several quarters for Groupon to gain investor confidence.” Groupon closed Friday at $18.38.