Groupon Rallies Again on Morgan Stanley Upgrade
Groupon, who had been suffering from a steady decline since February, has rallied for the second day in a row on the news of an upgrade from Morgan Stanley analyst Scott Devitt. The company faced some heat as people questioned whether there were accounting problems with the way the company was handling returned Groupons. In this market, investors run when they hear about anything related to accounting, so many analysts estimated the stock would bounce back after the murmurs, but false starts in mid-May and early June proved to be short lived.
Groupon, who had been suffering from a steady decline since February, has rallied for the second day in a row on the news of an upgrade from Morgan Stanley analyst Scott Devitt. The company faced some heat as people questioned whether there were accounting problems with the way the company was handling returned Groupons. In this market, investors run when they hear about anything related to accounting, so many analysts estimated the stock would bounce back after the murmurs, but false starts in mid-May and early June proved to be short lived.
Scott noted that Groupon has done the legwork to get the headstart in a lucrative industry.
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