UPDATE: Citi Upgrades Rating for OpenTable from Hold to Buy

Citi has published a report on OpenTable (NASDAQ: OPEN) Upgrading the company from Hold to Buy.

In the report, Citi wrote, "Post a 50% correction since April, OPEN shares have reached an attractive entry point. Investors can now buy OPEN at a discount to its North America value, with a free call option on its International Segment. Overall, OPEN's Growth & Profitability Outlook Are Very Solid -- due to its High Visibility Revenue Model (Subscription/Utility), Still Early Stage Secular Penetration (only 11% of U.S. Seated Diners), and Very High Operating Leverage (50%+ incremental Margins). We want to Quality Upgrade portfolios during this correction. Hence, the OPEN Buy."

Citi upgraded OpenTable from a Hold to a Buy with a target price of $82.00. OpenTable closed Tuesday at $60.32.