Street Ignoring Wunderlich Upgrade Of Groupon

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Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
Groupon
GRPN
shares are trading lower by $0.22 at $7.39 in Monday's session. At this time, the upgrade from Wunderlich last week has failed to instigate a sustained rally in the issue. On March 25, the firm upgraded the issue from Hold to Buy and raised its price target from $6.00 to $10.00. On that day, Groupon posted a modest gain of $0.18 (rallying from $7.58 to $7.74) on heavy volume of 13.2M, which is nearly double its 20 day average of 7.2M. However, there was no follow through the following day as the issue peaked ahead of its previous day high ($7.85), only reaching $7.72 before closing at $7.56. Now three days removed from the Wunderlich upgrade, the issue has declined as low as $7.26 and has not been able to mount much of a rebound,.
Posted In: TechnicalsIntraday UpdateMoversTrading IdeasPre-marekt outlook
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