UPDATE: Morgan Stanley Downgrades OpenTable on Challenges Ahead

In a report published Thursday, Morgan Stanley analyst Scott Devitt downgraded the rating on OpenTable OPEN from Equal-Weight to Underweight, but raised the price target from $50.00 to $60.00. In the report, Morgan Stanley noted, “We downgrade OpenTable to Underweight, as the company has relatively high penetration of its addressable market, and we believe the Street embeds OpenTable achieving a level of seated diner penetration that could be challenging to achieve.” OpenTable closed on Wednesday at $76.53.