UPDATE: Oppenheimer Lowers Zipcar's PT

In a research report released earlier today, Oppenheimer has decreased Zipcar Inc.'s

PT from $32 to $24. According to Oppenheimer, “We are reiterating our Outperform rating on Zipcar shares following the14% sell-off after reporting 4Q results. While 4Q results exceeded on margins, 1Q and FY guidance disappointed Street expectations. However, we believe the disappointment is entirely due to its acquired UK operations, which recently transitioned to Zipcar's systems, as well as overall UK macro weakness. Core US metrics remain strong, with established market revenue and member growth of 22% y/y, and profits up 50% y/y. Mobile now 49% of reservations. Lowering 2012 EBITDA/EPS; 2013 estimates unchanged.” Zipcar closed yesterday at $13.84.