Goldman Sachs Removes priceline.com (PCLN) from Conviction Buy List on Weak Euro

Goldman Sachs removed priceline.com (NASDAQ: PCLN) from its Conviction Buy List but maintained to Buy and price target of $1,400. The firm said currency headwinds will likely offset share gains.

Analyst Heath Terry said multi-year declines in the Euro expected by GS Macro will likely limit outperformance in the stock. Terry notes the stock has historically been highly correlated to shifts in FX and the 21% decline in the shares since March 5 along with the 9% decline in the Euro over that same period suggests that is likely still the case.

The stock remains Buy-rated as they believe Priceline will continue to outgrow the broader online travel market as mobile usage and metasearch drive share consolidation and margin benefits with it.

The firm trimmed FY 2014 EPS from $46.10 to $46.06, FY 2015 EPS from $57.18 to $57.04 and FY 2016 EPS from $71.28 to $71.13.

For an analyst ratings summary and ratings history on priceline.com click here. For more ratings news on priceline.com click here.

Shares of priceline.com closed at $1078.64 yesterday.

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