Groupon (GRPN) shares were higher Monday after Wedbush Securities upgraded its rating on the stock to OUTPERFORM from NEUTRAL. The firm also raised its price target to $6.50 from $4.50. Analysts with Wedbush say Groupon currently has a "large valuation discrepancy" relative to its peers, but its 2016 fiscal third-quarter earnings should help close that gap. They added that the company's accelerating site traffic growth and improving deal inventory should result-in better-than-expected third-quarter results. Groupon is set to report third-quarter earnings next Wednesday.
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