Piper's OpenTable upgrade: Firm likes new marketing efforts

|By:, SA News Editor

Piper's Michael Olson, who upgraded OpenTable (OPEN +1.2%) to Overweight this morning, thinks the restaurant reservation platform's growth strategy is "shifting toward a renewed focus on consumer marketing and mobile growth," and is a fan of the move.

Olson sees OpenTable's efforts, which include the hiring of new marketing personnel and are expected to feature a pickup in mobile ad spend, leading to "an acceleration in OpenTable adoption during 2014-15." That, in turn, is expected to yield "an inflection point similar to what occurred for online travel during the early 2000s."

His PT is now at $80, or a full 35x a 2014 EPS estimate of $2.28 (consensus is at $2.21).

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