Piper Jaffray 'Cautiously Optimistic' on OpenTable Amid 'Challenged' Diner Sector

Piper Jaffray's Michael Olson issued a "cautiously optimitic" note on OpenTable's OPEN "story despite February and March data suggesting Q1 upside may be limited." The analyst maintains a Neutral rating and $49 price target on shares of OpenTable. Although Olson voiced conern related to "challenged industry diner traffic," he believes "investor appetites have evolved in recent months such that we sense more patience with long-term secular online booking themes. Investors also appreciate the model's strength in the new 'mobile-first' world and favor the competitive moat established with 20,000 loyal restaurant partners in N. America (36% of the market)." Olson warned "near-term additional multiple expansion may be limited." Shares of OpenTable are up 0.3 percent to $63.11 at last check.