Market Overview

Oppenheimer Comments on Google, OpenTable Relationship

Share:
Related GOOG
Subway's PayPal Partnership Just The Latest Step In Mobile Fast Food Payments
Why Didn't Google+ Make It As A Social Network?
Alibaba And The Programmatic Advertising Race (Seeking Alpha)

Oppenheimer has published a research report on OpenTable (NASDAQ: OPEN) and its relationship with Google (NASDAQ: GOOG).

In the report, Oppenheimer writes, "Following a conversation with OPEN management, we believe the company has strengthened its relationship with GOOG. Yesterday, we saw a 7% intraday low in OPEN shares following GOOG's decision to remove the Zagat pay-wall and provide free restaurant reviews to Google+ members. Initially, investors viewed this as a negative for OPEN, as there have been concerns that GOOG might look to compete with OPEN. However, OPEN is now offered as the primary reservation function app on Google+, suggesting GOOG is not looking to compete, but to partner. We expect the shares to rally as investors better digest this news."

Oppenheimer maintains its Outperform rating on Google, which closed yesterday at $588.23 while maintaining its Perform rating on OpenTable, which closed at $39.64.

Latest Ratings for GOOG

DateFirmActionFromTo
Jul 2015Credit SuisseMaintainsOutperform
Jul 2015B. RileyMaintainsBuy
Jun 2015Mizuho SecuritiesInitiates Coverage onNeutral

View More Analyst Ratings for GOOG
View the Latest Analyst Ratings

Posted-In: OppenheimerAnalyst Color Reiteration Analyst Ratings

 

Related Articles (GOOG + OPEN)

Get Benzinga's Newsletters