UPDATE: Credit Suisse Initiates Outperform, $49 PT on OpenTable

Credit Suisse initiates coverage on OpenTable OPEN with an Outperform rating and a $49 price target as valuation has become attractive following share pullback. Credit Suisse says, "Following a 65% pullback from its peak earlier this year, OPEN shares are now trading at 28.7x our 2012 EPS estimate, after years of sustaining industry-high multiples. Still a Long Way to Go in North America: OPEN has roughly 49% share of restaurants in North America, but the more important metric is seated diners, of which it currently has 17% share." OPEN closed $39.93 per share on Monday.