UPDATE: Benchmark Lowers Groupon's PT
According to a research report published today, Benchmark has lowered Groupon's (NASDAQ: GRPN) PT from $32 to $28.
In the report, Benchmark stated, “Groupon revised down 4Q11 financial results. The change was due to greater refunds than anticipated as product mix has shifted to higher-priced deals. But Groupon affirmed 1Q12 guidance. We view this revision as unfortunate but not indicative of a meaningful adverse change in the business or market opportunity. Our 2012 estimates are intact. We reduce our price target from $32 to $28 per share to reflect heightened uncertainty. Our rating is Buy.”
Groupon closed Friday at $18.38.
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