UPDATE: Oppenheimer Maintains Perform Rating, Lowers PT for OpenTable

In a quarterly update released earlier today, Oppenheimer & Co. Inc. maintained its Perform rating for OpenTable, Inc. OPEN, but lowered its price target from $54.00 to $46.00. Oppenheimer said in its report “OpenTable is a global leader in restaurant reservations and table management, and in our view, is uniquely positioned to leverage "The Network Effect" to grow revenues. While we are bullish on the company's prospects, driven by the shift of consumer habits to conducting transactions using the Internet and mobile devices, we view the stock as fairly valued.” OpenTable, Inc. closed at $43.68 yesterday.