UPDATE: Bank of America Lowers OpenTable's PO

According to a research report published this morning, Bank of America has lowered OpenTable's

PO from $62 to $47. In the report, Bank of America said, "Revenue/EPS of $39.4mn/$0.40 was below/above Street at $39.6mn/$0.34. NA revenue slightly missed our estimate driven by both fewer ERB restaurant adds and seats filled. EPS beat due to lower Ops. & Support and Tech. expenses (tech spend may be too low). While 1Q results disappointed, we are maintaining our Neutral rating as the stock was down significantly in the aftermarket and we see potential valuation support from improving 2H performance from the UK TopTable re-launch (late 2Q) and stabilization of US seats filled trends." Bank of America maintains its Neutral rating on OpenTable, which closed yesterday at $43.68.