Evercore ISI Upgrades The Priceline Group (PCLN) to Buy

Evercore ISI analyst, Ken Sena, upgraded shares of The Priceline Group (NASDAQ: PCLN) to Buy. 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 trades in line to below travel peers despite greater scale and faster growth. Therefore the analyst is raising the PT to $1,650.00 (from $1,350.00).

For an analyst ratings summary and ratings history on The Priceline Group click here. For more ratings news on The Priceline Group click here.

Shares of The Priceline Group closed at $1427.20 yesterday.

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