UPDATE: Bank of America Merrill Lynch Reiterates Neutral Rating, Lowers PT on Groupon

In a report published Friday, Bank of America Merrill Lynch reiterated its Neutral rating on Groupon

, but lowered its price target from $8.00 to $4.50. BofA Merrill Lynch noted, “Groupon is an investment on several positive Internet industry growth trends including the migration of local commerce to online channels and growth in usage of mobile devices and apps. While we remain constructive on the local deals opportunity, we believe the stock could trade at a discount to peers on a P/E/G ratio due to model unpredictability and the negative sentiment impact from recent accounting restatements.” Groupon closed on Thursday at $3.92.