UPDATE: Citi Upgrades Groupon; Lowers PT

According to a research report published this morning, Citi has upgraded Groupon GRPN from Neutral to Buy, and lowered PT from $24 to $22. In the report, Citi commented, "Revenue of $559MM beat our/Street ests of $537MM/$531MM. CSOI (Consolidated Segment Operating Income) of $68MM beat our $65MM est. due to significant Marketing leverage, while Non-GAAP EPS of $0.02 was above our $0.01 estimate. Q2 Midpoint Revenue Guide of $570MM was above our $560MM estimate, but Midpoint CSOI of $70MM was in-line with our estimate." Groupon closed yesterday at $11.74.