UPDATE: Sterne Agee Upgrades Groupon to Buy; Risks Largely Priced In
Sterne Agee upgraded Groupon (NASDAQ: GRPN) from Neutral to Buy and announced a $9.00 price target.
Sterne Agee said, "This is an out-of-consensus upgrade predicated on a more constructive longer-term view of the company and is not a call on the company's upcoming 4Q results. We recognize that meaningful risks remain, the stock will be volatile and we may be a bit early. However, we believe the risks are well known and largely priced in. The stock is trading at ~an 80%/60% discount to its peers based on 2014E EV/Sales and EV/EBITDA bases, respectively."
Groupon closed at $5.29 on Tuesday and is up seven percent pre-market on this news.
Latest Ratings for GRPN
|Jun 2016||Maxim Group||Initiates Coverage on||Buy|
|May 2016||RBC Capital||Downgrades||Sector Perform||Underperform|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.