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BofA Merrill Lynch keeps buy rating on OpenTable despite Yelp’s new service offer

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Bank of America Merrill Lynch reiterated a buy rating on the online restaurant reservation provider OpenTable Inc (NASDAQ:OPEN). Yesterday OpenTable was down 7 percent as a result of Yelp Inc (NYSE:YELP) introducing a free restaurant reservation service for its users. According to BofA, Yelp’s new service is unlikely to impact OpenTable because the company is well established and has a higher portfolio of restaurant partnerships. The price target was maintained at the previous target level of $87 a share.