Evercore ISI Upgrades The Priceline Group (PCLN) to Buy
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Evercore ISI upgraded The Priceline Group (NASDAQ: PCLN) from Hold to Buy with a price target of $1,650.00 (from $1,360.00). Analyst Ken Sena said priceline shares offer scale advantage, execution track record, and value.
"Through Booking.com, PCLN offers scale advantage, characterized by its leading global position in travel and deep penetration of independents and the European OTA market (both >50% currently), execution track record, and value. Moreover, in terms of execution, PCLN's growth leads peers on ~2x the base as the company expands into large and underpenetrated markets, while creating additional stickiness for its platform in the way of enterprise services. On valuation, at 17x 2017 Adj. EPS, PCLN also trades in line to below travel peers despite greater scale and faster growth," said Sena.
Shares of The Priceline Group closed at $1427.20 yesterday.
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