UPDATE: Piper Jaffray Cuts PT to $7 on Groupon on Lower Take Rates

Piper Jaffray maintained Groupon

with an Overweight rating and lowered the price target from $8.00 to $7.00. Piper Jaffray commented, "Last week, we upgraded shares of GRPN, based on expectations of an improving international business. While overall international billings were up 6% y/y in Dec-12 vs. -12% in Sep-12 and our estimate of -1%, international take rates fell dramatically (31% Dec-12 vs. 41% Sep-12), and subsequently, Mar-13 revenue guidance, was reported 10% below the Street, while CSOI was ~40% below the Street. While the decrease in take rate was disappointing, we are reiterating our OW rating, as the quarter did see some incremental progress internationally and continued NA growth (Rev +109%)." Groupon closed at $5.68 on Wednesday.