As previously reported, JPMorgan analyst Doug Anmuth downgraded Groupon to Underweight from Neutral after the company reported weaker than expected Q3 earnings and revenue that was 6% below his estimate. While he is encouraged by the company's efforts toward improving customer conversion, he thinks those efforts will take time to offset traffic and international macro headwinds. Ultimately, Anmuth sees it being very difficult to offset the "significant external issues challenging the core business" and believes pressures will continue to weigh despite the stock's low valuation. He has no price target on Groupon shares.