UPDATE: Sterne Agee Downgrades Groupon from Buy to Neutral
Sterne Agee downgraded Groupon (NASDAQ: GRPN) from a Buy to a Neutral rating.
Sterne Agee wrote, “We are reducing our rating on Groupon from Buy to Neutral on concerns of slowing growth. Given the recent decline in the share price, we are clearly late in the downgrade. However, we see risk to forward estimates and believe the upside in the stock may be limited until Street estimates are adjusted downwards. We suspect 2Q revenue/EPS may come in at the lower end of guidance. Our revised full-year estimates are now below consensus.”
Groupon closed at $7.28 on Tuesday.
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