Groupon Inc.’s stock tumbled 5.3% in morning trade Monday, on the heels of an 18% plunge in the previous session, after RBC Capital turned bearish on the online coupon company. Analyst Mark Mahaney cut his rating to underperform, after being at sector perform since September 2014. He slashed his stock price target to $3, which is 13% below current levels, from $4. Mahaney said Groupon’s March quarter results, which led to Friday’s stock price plunge, showed that fundamentals continued to deteriorate, as growth in North America revenue, gross profit, local billings and units all decelerated. “And we believe they will continued to do so for the foreseeable future,” Mahaney wrote in a note to clients. The stock was still up 12% year to date, but has lost half its value over the past year.
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