Benchmark Capital Raises Price Target On OpenTable (OPEN)

Benchmark Capital raised its price target on OpenTable OPEN to $70 from $50, but is keeping its Hold rating on shares. In the research note, Benchmark writes, "Our 2011E EBITDA rises materially from $50 million to $67 million, due mainly to the addition of Spotlight. Using a similar multiple as our previous target (24x), our price target increases to $70 per share. We recognize high and accelerating growth, new avenues for revenue, and potential to raise pricing in the future. But we have not found a time to recommend purchase of the stock, which was 24x 2011E EBITDA after-hours ($71 per share)." Shares of OPEN are up $7.14 to $68.54, a gain of nearly 12%.