Benchmark Lifts Priceline (PCLN) Price Target 21% to $840
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Price: $1,905.64 --0%
Rating Summary:
0 Buy, 0 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 2 | Down: 3 | New: 2
Rating Summary:
0 Buy, 0 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 2 | Down: 3 | New: 2
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Benchmark's Daniel Kurnos boosted his price target on shares of Priceline.com (NASDAQ: PCLN) from $692 to $840 Wednesday morning. The analyst maintains a Buy rating on the stock.
Kurnos said he is expecting Priceline to "benefit from increasing scale in emerging markets and favorable trends in the hotel industry, including lengthening booking windows, modestly improving demand, and growth in domestic and emerging market ADRs." The analyst pointed at recent data which showed booking windows have now rebounded to pre-recession levels.
Benchmark sees Priceline's strongest opportunity within its domestic retail hotel business. In Europe, Priceline will likely buck continued headwinds as Booking.com will be a "strong performer..."
Kurnos raised his EPS estimates on Priceline in the note: from $31.30 to $32.31 for FY12 and from $38 to $39.30 for FY13. The Street is currently expecting FY12 EPS of $31.19 and FY13 EPS of $38.39.
With Priceline.com shares trading up 1.4 percent to $751.45 Wednesday morning, the Benchmark analyst's new price target represents potential upside of about 12 percent.
For an analyst ratings summary and ratings history on priceline.com click here. For more ratings news on priceline.com click here.
Kurnos said he is expecting Priceline to "benefit from increasing scale in emerging markets and favorable trends in the hotel industry, including lengthening booking windows, modestly improving demand, and growth in domestic and emerging market ADRs." The analyst pointed at recent data which showed booking windows have now rebounded to pre-recession levels.
Benchmark sees Priceline's strongest opportunity within its domestic retail hotel business. In Europe, Priceline will likely buck continued headwinds as Booking.com will be a "strong performer..."
Kurnos raised his EPS estimates on Priceline in the note: from $31.30 to $32.31 for FY12 and from $38 to $39.30 for FY13. The Street is currently expecting FY12 EPS of $31.19 and FY13 EPS of $38.39.
With Priceline.com shares trading up 1.4 percent to $751.45 Wednesday morning, the Benchmark analyst's new price target represents potential upside of about 12 percent.
For an analyst ratings summary and ratings history on priceline.com click here. For more ratings news on priceline.com click here.
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