Goldman Slashes Price Target on (PCLN), Maintains Buy

August 8, 2012 8:50 AM EDT
Get Alerts PCLN Hot Sheet
Price: $1,545.01 +0.39%

Rating Summary:
    33 Buy, 8 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Goldman Sachs maintained a Buy rating on (NASDAQ: PCLN) but cut the price target to $760.00 (from $860.00).

Priceline’s 2Q results came in below Goldman's forecasts and in-line with guidance, but 3Q guidance was below consensus expectations.

"We believe it’s likely this reset will be viewed similar to 1Q2010, the last time the company failed to exceed the high end of its guidance," said Heath Terry, an analyst at the bank.

"With PCLN trading at approximately 16X 2013E EPS or less than 1X its expected five-year EPS CAGR of 20%, we continue to believe the risk/reward in owning PCLN is favorable."

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

Shares of closed at $679.80 yesterday.

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