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OpenTable Upgraded to buy Citi

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Shares of the online restaurant reservation site OpenTable Inc (NASDAQ:OPEN) are advancing in this morning on an upgrade from Citigroup. The company was upgraded from neutral to buy with price target of $90 per share, $16 above the previous target level. Citi cited growth in seated reservations and more restaurant partnerships as reasons for the upgrade. In addition, Citi believes that the recent pullback in the stock could potentially be an attractive entry point. Moreover, Citi believes that the market is underappreciating OpenTable’s asset value in terms growth from mobile and local marketing.