UPDATE: Benchmark Lowers Groupon's PT

According to a research report published this morning, Benchmark has lowered Groupon's GRPN PT from $28 to $20. Benchmark said in the report, "Groupon reported 1Q12 results and 2Q12 guidance that topped expectations. Operating metrics showed no sign of competitive pressure, with a 41% take rate driving 89% y/y revenue growth, including a material acceleration in sequential North America growth. Unique subscriber additions also accelerated, while EBITDA margins expanded on lower marketing costs. raise our revenue and EBITDA estimates but temper our price target from $28 to $20 per share. Our rating remains Buy." Groupon closed yesterday at $11.73.