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Groupon rallies on Morgan Stanley upgrade

Published: 14:29 05 Sep 2013 EDT

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Groupon Inc. (NASDAQ:GRPN), the biggest daily deal website, advanced to the highest in a month after the stock was lifted to "overweight", the equivalent of buy, at Morgan Stanley, which cited successful turnaround efforts.

The shares climbed as much as 7.2 percent to $11.04, the highest intraday price since Aug. 8, and were trading at $10.74, up 4.3 percent at 2:07 p.m. in New York.

Morgan Stanley upgraded Groupon from "equal-weight", which is similar to neutral, and raised the price target to $14 from $11.

“The turnaround in North America from the introduction of the deal bank and strength in mobile gives us increasing confidence that Groupon can stage a turnaround in (Europe, the Middle East and Africa) and execute against its sizable market opportunity,” Analyst Scott Devitt wrote in a note emailed to clients today.

On Aug. 7, the Chicago-based company, which has struggled with management turmoil and a rapidly crumbling business, reported a stronger-than-predicted jump in second-quarter revenue to $608.7-million.

Groupon shares rallied 112 percent this year through yesterday.

 

 

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