UPDATE: Evercore Downgrades Groupon

On Friday, analysts at Evercore downgraded shares of Groupon Inc GRPN to Sell from Equal-weight and maintained the $5.50 price target.

Ken Sena of Evercore is skeptical of Groupon’s ability to achieve its 2014 adjusted EBITDA forecast of $270 million.

In addition, he sees little upside in Groupon shares until the company sees material inflection in positioning with consumers and merchants.

Overall, analysts have six Buy ratings, 14 Hold ratings and three Sell ratings on shares of Groupon with an average price target of $7.35.

Shares of Groupon recently traded at $6.18, down 3 percent in the premarket.