UPDATE: Bank of America Reiterates Neutral Rating, Lowers PT on OpenTable as Company Transitions into 2014

In a report published Friday, Bank of America analyst Paul Bieber reiterated a Neutral rating on

, but lowered the price target from $83.00 to $81.00. In the report, Bank of America noted, “OpenTable is a way to gain exposure to the increasing use of the Internet to conduct transactions and demand by restaurants to automate the reservation process. With a 10-year head start in North America building its restaurant installed base, OpenTable has network effects that are difficult for competitors to replicate. We also view OpenTable as beneficiary of the growth of mobile including smartphones and apps.” OpenTable closed on Thursday at $75.41.