UPDATE: Oppenheimer Downgrades OpenTable to Perform on Valuation, Visibility

Oppenheimer downgraded OpenTable

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.