UPDATE: Sterne Agee Upgrades Groupon; Establishes PT
According to a research report published this morning, Sterne Agee has upgraded Groupon (NASDAQ: GRPN) from Neutral to Buy, and established a $20 PT.
Sterne Agee said in the report, "Strong 1Q alleviated several concerns including GRPN's ability to generate meaningful operating leverage. Strong sequential growth in North America (+33%) suggests it is gaining significant market share. While the float issue (lockup expiration is June 1) is still an overhang, we believe the stock is attractive given it is trading well below its IPO price of $20."
Groupon closed yesterday at $11.74.
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