- Wells Fargo upgrades to Groupon (GRPN +2.4%) to Buy and raises its price target to $13-$14 from $5-$6. "We believe Groupon is positioned well to take continued share in the massive local commerce market," says analyst Trisha Dill. "We are bullish on the company’s strategy to transform into a “pull” marketplace, away from its daily deals legacy, and early indications suggest this transition is gaining traction."
- Morgan Stanley's Scott Devitt - after meetings with management - said the company is making progress on becoming a unique mobile commerce marketplace.
- He thinks it's a $15 stock by the end of next year thanks to improved deal quality and density in the U.S. and improvements internationally. Near-term, the site redesign is a positive tailwind.
- Earlier coverage from Devitt
Groupon gains amid positive sell-side calls
Dec 11 2013, 07:32 ET