UPDATE: Morgan Stanley Downgrades Groupon to Equal-Weight
In a report published Friday, Morgan Stanley downgraded its rating on Groupon (NASDAQ: GRPN) from Overweight to Equal-Weight.
Morgan Stanley noted, “GRPN missed 3Q revenue and guided to lower 4Q CSOI. While we are proponents of the company's long-term position within the local eCommerce landscape, the path to executing on this vision will take longer than expected. We are downgrading due to slower growth and lower margins.”
Groupon closed on Thursday at $3.92.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.