Groupon rallies after Piper Jaffray confidence

|By:, SA News Editor

Shares of Groupon (NASDAQ:GRPN) swing higher in early action after Piper Jaffray backs its Overweight rating on the local e-commerce stock in a fresh note to clients.

Analyst Samuel Kemp calls concerns over near-term traffic overblown. He also thinks Groupon is likely to improve EBITDA by streamlining its U.S. operations.

GRPN +3.17% premarket to $3.90. Piper's price target of $6.50 implies 67% upside potential.