UPDATE: Bank Of America Reiterates On Groupon On Takeaways From Upbeat Analyst Day

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

, and raised the price target from $7.50 to $8.00. In the report, Bank of America noted, “On 11/11, we attended GRPN's Analyst Day in Chicago. Overall, the session was upbeat and provided an overview of the business highlighting GRPN's scale, recent execution progress and product strategy to build a closed loop local eCommerce platform. GRPN also provided new disclosures on e-mail vs. mobile transaction mix, updated customer cohort data, and 2015 and LT rev./EBITDA financial targets. Our takeaways include: 1) e-mail headwinds are diminishing; 2) customers spend is stable over time; 3) Goods gross margin expansion will be gradual; 4) marketing returns are trending higher; and 5) '15 financial targets are in-line with the Street while '17 targets represent an upside scenario with accelerating growth, in our view.” Groupon closed on Tuesday at $7.80.