Morgan Stanley bullish on Groupon's growth, international prospects

Analyst Scott Devitt, who upgraded Groupon (GRPN +5.7%) to Overweight this morning, thinks Groupon will see "accelerating growth in 2014," and can "grow at rates comparable to overall e-commerce in the long term."

Devitt observes Groupon's North American local deals momentum is strong, and that the rollout of its "deal bank" (unused daily deals sold via Groupon's site/apps) has only begun in EMEA, While Groupon's North American sales grew 45% Y/Y in Q2, its EMEA sales fell 24%, and sales elsewhere fell 26%.

Groupon received upgrades from UBS and Raymond James following its Aug. 7 Q2 revenue beat.

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