Benchmark Maintains Buy, $20 PT on Groupon Post Investor Relations Meeting

Benchmark remains rated Buy with a $20 price target on Groupon GRPN after they met with the company's investor relations in Chicago. Benchmark comments, "We visited Groupon's Chicago sales office and met with investor relations last week. We have three takeaways: 1) The IPO lock-up, which has been a major overhang on the stock, expired last Friday; 2) recent enhancements to marketing efficiency should be sustained; and 3) the market opportunity remains enormous as Groupon is leading the online charge into local commerce. We maintain a $20 per share target and Buy rating." GRPN closed at $8.95 on Monday.