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    Ahead of the Bell: OpenTable

    Associated Press – Wed, Feb 8, 2012

    NEW YORK (AP) — Shares of OpenTable jumped 4 percent before Wednesday's opening bell after the online restaurant reservations company after a strong fourth quarter that saw more restaurants and more diners using the service.

    The San Francisco company posted an adjusted fourth-quarter profit of 37 cents on revenue of $37.2 million late Tuesday. That beat Wall Street expectations for per-share profits of 30 cents and revenue of $36.9 million.

    Reservations made through OpenTable are free to consumers. The company said it has more than 25,000 restaurant customers, which pay for its reservation and guest management services.

    The number of restaurants using OpenTable rose by 25 percent and the number of diners rose by 39 percent.

    "While both key metrics (restaurants and seated diners) implied a deceleration from third-quarter levels, we believe these metrics continue to have robust growth rates," Citi analyst Mark Mahaney wrote in a note to investors.

    However, OpenTable's international operations continue to lose money, Mahaney pointed out, and may continue to pull down the company's results for the next two to four quarters as it is forced to invest in those operations.

    Mahaney backed his "Buy" rating and $67 price target for the company.

    Benchmark Co. analyst James Dobson backed his "Hold" rating and $50 price target for the company. He said that while the company's overseas presence is growing, costs related to that expansion will continue to lower its overall profits for the near term.

    Shares of OpenTable Inc. rose $2.15 to $53.60 in early electronic trading.

     

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