Canaccord Cuts Price Target on Priceline.com (PCLN) to $110
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Canaccord Adams lowers its price target on Priceline.com (Nasdaq: PCLN) from $135 to $110. The firm maintains a Hold rating.
The firm calls Priceline.com "the best company in the online travel space", but notes that a difficult macro backdrop and competitive pressures should keep its shares range-bound for a while. Specifically, Canaccord mentions a pullback in ad spending and light overseas bookings as concerns, as well as uncertainty related to the U.S. consumer.
priceline.com Incorporated operates as an online travel company in the United States and Europe.
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