UPDATE: Oppenheimer Increases PT to $49 on OpenTable on Increased Confidence on Management
Oppenheimer reiterated its Outperform rating on OpenTable (NASDAQ: OPEN) and raised its price target from $46 to $49.
Oppenheimer said, "Following several meetings with OPEN's CFO, Duncan Robertson, we see numerous catalysts over the next 6-12 months: 1) high likelihood of an acceleration in UK reservations, driven by a real-time reservation system; 2) increased focus on personalized user experiences and reviews should drive US conversion rates; and 3) our view that investor expectations have been reset, creating a potential "beat- and-raise" situation."
OpenTable closed at $43.41 on Thursday.
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