UPDATE: Benchmark Reiterates Buy on OpenTable
Benchmark reiterates a Buy rating on OpenTable (NASDAQ: OPEN) and a price target of $45.
Benchmark notes, “OpenTable will report 2Q12 results around the end of July or early August. We anticipate 15% y/y revenue growth, with diner reservation revenue up 27% y/y. Recent partnerships with Apple and Google, reinforce our opinion that domestic competition is having no material impact on OpenTable's business and financial results. With the international integration of toptable complete, we believe near- term and long-term prospects remain strong. We reiterate our Buy rating.”
OpenTable closed at $39 on Friday.
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