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Travelzoo (TZOO +13.2%) shares soar after Jefferies launches coverage with a Buy rating and $35...

Travelzoo (TZOO +13.2%) shares soar after Jefferies launches coverage with a Buy rating and $35 price target. The market for online local deals is expanding rapidly, Jefferies says, with U.S. industry revenues projected to hit $2.7B in 2011 from $1.1B. TZOO's gross sales in local deals were $26M in Q2, up from $750K in Q3 2010; net revenue was $9M in Q2, up from $300K in Q3 2010.
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