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Bank of America reiterated its Neutral rating on Groupon
GRPN but lowered its price target from $14 to $8.
Bank of America commented, "Groupon reported rev./CSOI of $568mn/$72mn vs. Street at $575mn/~$76mn, with EPS of $0.08 (or $0.04 excluding 1x items), slightly better than Street at $0.03. Groupon Goods sales increased to $65mn, but 3P rev. declined by 7% q/q, impacted by an estimated $70mn q/q drag from macro-headwinds in Europe. Solid US growth (aided by Groupon Goods) was a positive, but lower gross margins and lower 3Q CSOI margin guidance will likely cause an est. reset."
Groupon closed at $7.55 on Monday.
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