UPDATE: JP Morgan Reduces PT to $8 on Groupon; Mix Shifting to Goods

JP Morgan reiterated its Neutral rating on Groupon (NASDAQ GRPN) and lowered its price target from $22 to $8. JP Morgan commented, "Groupon Goods Direct revenue accounted for over half of the $65M in Direct revenue in 2Q, compared to less than half of the $19M of Direct revenue in 1Q. Excluding the Direct revenue impact (assuming all revenue was booked as net), worldwide revenue would have grown over 30% Y/Y vs. the reported 45%." Groupon closed at $7.55 on Monday.