UPDATE: Benchmark Lowers OpenTable's PT

According to a research report published this morning, Benchmark has lowered OpenTable's

PT from $50 to $45. In the report, Benchmark said, "OpenTable reported in-line 1Q12 results but offered disappointing 2012 guidance. International results were soft, as the toptable integration is still being completed. Management provided detailed guidance for the first time. Management has traditionally provided conservative operating expense outlook and other commentary. As such, we reduce our estimates to the high-end of the guidance. Revenue and EBITDA likely grow 17% and 26% this year. We decrease our target price from $50 to $45 based on 15x 2012E EBITDA. We maintain a Buy rating." OpenTable closed yesterday at $43.68.