UPDATE: Jefferies & Company Reiterates Hold Rating, Lowers PT on Groupon
In a report published Friday, Jefferies & Company reiterated its Hold rating on Groupon (NASDAQ: GRPN), but slightly lowered its price target from $4.75 to $4.00.
Jefferies noted, “Groupon reported a miss quarter which also included a benefit of $18.5MM for a 1x true-up of breakage (on tax ruling in Germany). Revenue growth of 32% Y/Y was driven by 81% Y/Y growth in North America, offsetting weak int'l growth (+3% Y/Y / +13% ex-FX) on macro-economic pressure in Europe and FX headwinds. While mgmt was cautiously optimistic on Europe, Q4 guidance disappointed on margin. We reiterate our Hold and lower PT to $4.”
Groupon closed on Thursday at $3.92.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.