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In a report published Friday, Goldman Sachs analyst Heath P. Terry upgraded the rating on
OpenTableOPEN from Neutral to Buy, and raised the price target from $54.00 to $76.00.
In the report, Goldman Sachs noted, “We are upgrading OpenTable to Buy from Neutral with a $76 12-month target price, 22% upside from current levels. Since the July 18 announcement that Yelp would acquire SeatMe, an early stage OpenTable competitor, OPEN shares have declined 6.5% vs. the S&P 500 at +0.2% and are down 16% from prior highs. We believe this has created an opportunity ahead of what we expect to be a strong quarter of seated diner growth, increasing product innovation, the 3Q launch of the cloud-based ERB, improving mobile & desktop conversion, and potentially beneficial changes to the company's rewards program.”
OpenTable closed on Thursday at $62.97.
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