Thursday, December 15, 2011

For Groupon, Faint Praise From Its Underwriters - NYTimes.com

Apparently a fine line between objectivity and duplicity

Two of its lead underwriters, Morgan Stanley and Credit Suisse, expressed optimism for Groupon’s outlook but still issued neutral ratings. Morgan Stanley initiated coverage at equal weight, with a $27 price target. It praised Groupon for its “prime mover status and scale,” but warned investors to “wait for a better entry point to build a position.” The firm also pointed out that Groupon’s competitive advantage might be eroded as merchants became more sophisticated on the Web and rivals attacked its market share.

For Groupon, Faint Praise From Its Underwriters - NYTimes.com

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