RBC upgrades RetailMeNot, highlights mobile metrics, monetization

Shares of RetailMeNot (SALE +2.4%) climb after RBC upgrades the stock (along with Zillow and Trulia) to Outperform from Perform with an unchanged PT.

Analyst Mark Mahaney highlights: "1) Consistently robust unit metrics – total visits and, especially, Mobile visits have maintained strong growth rates over the past year, with the latter up approximately 84% in 2013; 2) Monetization continues to ramp – both Desktop and Mobile monetization rose strong double digits in 2013 – approximately 23% and 43%, respectively; 3) Robust overall Mobile metrics – 74% sequential growth in Mobile App Sessions and 1.7MM incremental Mobile App Downloads in Q3; & 4) Continued In-Store progress – with over 3,000 geo-fenced locations and more than one-third of current app sessions triggered via geo-fencing notification."

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