UPDATE: OpenTable Upgraded by Citigroup, Up 3%
Tuesday morning reports by Citigroup includes analyst Mark May's upgrade of OpenTable (NASDAQ: OPEN) from Sell to Neutral, upping price target from $68 to $74.
The reports states that there are several reasons for the upgrade: in-line results for 4Q13 with good projections for 1Q14, less chance of multiple compression short-term, and the company moving into a positive product cycle.
May's report highlights some of the numbers, "OpenTable is scheduled to report 4Q13 results and provide 1Q14 and CY14 guidance after the close this Thursday, February 6th. We believe 4Q13 results will likely be at least in line with our $51.7mn revenue (vs. consensus of $51.5mn and management's guidance for $50.7-52.1mn), $23.2mn EBITDA (vs. consensus $22.6mn and management's guidance for $21.9-23.3mn) and $0.52 EPS estimates (in line w/ consensus of $0.52 and management's guidance of $0.49-0.53)."
OPEN closed Monday at $73.06 and is currently trading up at $75.54, up over 3%.
Latest Ratings for OPEN
|May 2014||Bank of America||Upgrades||Neutral||Buy|
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.