Ctrip (CTRP) PT Bumed to $54 at Brean Capital Following Strong Results
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Brean Capital analyst Fawne Jiang reiterated a Buy rating and boosted his price target on Ctrip.com (NASDAQ: CTRP) to $54.00 (from $52.00) citing robust profit growth on operating leverage.
Jiang commented, "We are positive on CTRP and believe the stock presents a unique opportunity for investors. We see a number of levers in the business model that appear set to play out in the coming years, offering substantial room for both top-line growth and margin expansion: 1) consolidation of the domestic travel market and continued efforts to build one-stop travel ecosystem warrants both growth as well as operating leverage ahead; 2) strategic investment in overseas resources helps to capture the secular outbound growth amid consumption upgrades in China; 3) Skycanner acquisition, while small in overall scale, offers a gateway for CTRP to compete in a global setting. We see substantial synergies between the two companies, which will help CTRP to increase its presence in pan Asian and other international markets down the road. With a clear roadmap, we are confident in CTRP’s long-term growth outlook fueled by continued strengthening of its market-leading position in China and robust growth of outbound travel on top of solid margin expansion. We reiterate our Buy rating on the stock and raise our TP to $54 (from $52) as we fine-tune our estimates."
Shares of Ctrip.com closed at $40.99 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesDefinitive Agreement, Brean Capital
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