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UPDATE: Oppenheimer Downgrades OpenTable to Perform on Valuation, Visibility

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Oppenheimer downgraded OpenTable (NASDAQ: OPEN) from Outperform to Perform and maintained a $54.00 price target.

Oppenheimer noted, "We are downgrading shares of OPEN to Perform from Outperform based on valuation. We believe the stock has run ahead of itself and are concerned that any delay in the roll-out of its cloud-based ERB or increased costs will pressure the shares. Meanwhile, third-party data has limited correlation, creating limited fundamental visibility. However, we think there could be short-term risk to the upside as 1) the float is 30% short and 2) valuation is still at a discount to AWAY."

OpenTable closed at $54.87 on Tuesday.

Latest Ratings for OPEN

DateFirmActionFromTo
Jul 2014WunderlichTerminatesHold
May 2014Bank of AmericaUpgradesNeutralBuy
Apr 2014CitigroupUpgradesNeutralBuy

View More Analyst Ratings for OPEN
View the Latest Analyst Ratings

Posted-In: OppenheimerAnalyst Color Downgrades Analyst Ratings

 

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