UPDATE: Piper Jaffray Upgrades Groupon to Overweight on Expected International Progress

Piper Jaffray upgraded Groupon GRPN from Neutral to Overweight and raised the price target from $5.50 to $8.00. Piper Jaffray commented, "We believe the upcoming quarter and guidance will showcase improving international business trends following two quarters of sequential decreases, while we expect that NA trends will remain strong based upon our Groupon re-buy survey, which saw 64% of customers planning to buy another Groupon in the next six months. For Dec-12, we expect Groupon to report (2/27 after the close) revenue and EPS in line with the Street's respective $639m, and $0.03. Turning to March guidance (did not guide FY last year) we expect there will be modest upside to the Street." Groupon closed at $5.59 on Wednesday.