UPDATE: Jefferies Initiates Coverage on RetailMeNot with Buy Rating, $40 PT on Best Market Position

In a report published Tuesday, Jefferies analyst Brian Pitz initiated coverage on

with a Buy rating and $40.00 price target. In the report, Jefferies noted, “We are initiating coverage with a Buy rating and $40 PT. We believe that the company is one of the best positioned in the large and under-penetrated digital couponing space and that there is meaningful upside from current stock price levels. Jefferies acted as a lead co-manager in RetailMeNot's July IPO.” RetailMeNot closed on Monday at $32.28.