Equities research analysts at Goldman Sachs Group Inc. assumed coverage on shares of RetailMeNot (NASDAQ:SALE) in a research note issued to investors on Tuesday, TheFlyOnTheWall.com reports. The firm set a “neutral” rating and a $31.00 price target on the stock. Goldman Sachs Group Inc.’s price target suggests a potential downside of 5.40% from the stock’s previous close.
The analysts wrote, “We are initiating coverage of RetailMeNot with a Neutral rating and a $31 12-month target price. RetailMeNot is the category leader in digital couponing, a category with a large addressable market that is still in the early stages of shifting online. While RetailMeNot continues to see strong usage growth across its site and mobile app and is innovating in new technologies, the platform shift to mobile presents uncertainty in customer acquisition and monetization. With the stock trading at 16X 2014E EV/EBITDA, we believe RetailMeNot’s strong growth potential is appropriately reflected in current valuation given the uncertainty in mobile and competitive risks.”
RetailMeNot (NASDAQ:SALE) traded up 1.52% on Tuesday, hitting $32.77. RetailMeNot has a 52-week low of $26.12 and a 52-week high of $32.44. The stock’s 50-day moving average is currently $29.11. The company has a market cap of $1.645 billion and a price-to-earnings ratio of 65.08.
