Groupon turnaround deserves more credit - Piper

• Piper Jaffray says Groupon's (NASDAQ:GRPN) turnaround is beginning to show sustainable gross profit, Ebitda and FCF growth - and deserves a "much higher valuation" notwithstanding the post-Q4 earnings upturn.
• Reiterates Overweight rating and $6.50 PT. Implied upside 45.5%.
• Piper analyst Samuel Kemp is the Street high on GRPN. Street low is UBS with a Sell rating and $3.75 target.