UPDATE: Goldman Sachs Reduces PT to $20 on Groupon on Macro Uncertainties

Goldman Sachs reiterates its Buy rating on Groupon

but lowers its price target from $22 to $20. Goldman Sachs notes, "We estimate about 34% of Groupon's 2Q revenue should come from Europe. Since the end of 1Q12, USD/EUR and USD/GBP became 3.0% and 0.7% weaker, respectively. Groupon is overexposed to the European consumer and has seen its international growth slowing; the company has yet to roll out in those markets many of the new products and technologies that have driven US reacceleration. The early stage personalization efforts in North America has driven 50% higher purchase rate in markets with high deal density and has driven growth acceleration over the last quarters from 3% sequentially in 3Q to 33% in 1Q." GRPN closed at $10.40 on Friday.