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March 13, 2014
11:46 EDTOPENOpenTable rises after analyst ups target on new mobile product
Shares of OpenTable (OPEN) are climbing after research firm Piper Jaffray wrote that the company's growth should be boosted by its new mobile payment product. OpenTable enables users to make restaurant reservations online. WHAT'S NEW: After using OpenTable's mobile payment product and speaking with five restaurants that are testing the product, Piper analyst Michael Olson, in a note to investors earlier today, wrote that he was more confident in the company's outlook. Olson's experience with the product and his discussions with the restaurants about it have been "extremely positive," he reported, adding that the company has "a compelling growth opportunity." OpenTable's investment in mobile should cause the company's offerings to become more popular, the analyst predicted. Furthermore, the new mobile product justifies an increase in the stock's multiple, wrote Olson, who raised his price target on the shares to $97 from $82. He kept an Overweight rating on the stock. PRICE ACTION: In late morning trading, OpenTable advanced $2.07, or 2.5%, to $84.15.
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