Jefferies Reiterates Buy on The Priceline Group (PCLN) Ahead of 3Q Report
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Jefferies reiterated a Buy rating and $1,700.00 price target on The Priceline Group (NASDAQ: PCLN) ahead of the company's 3Q earnings report. Jefferies believes that the momentum from Q2 continued into Q3 and expects another solid quarter from PCLN. Revenue estimates are in line with consensus of $3.62B, but slightly better margins are expected. Non-GAAP EPS of $31.29 compares to the Street's estimate of $29.75.
Analyst Brian Fitzgerald commented, "We updated our model to include PCLN's new non-GAAP measures and looked into Q3 traffic, hotel count, and user review trends for indications of how good or bad the qtr was. Our analysis shows that PCLN keeps gaining mkt share and is well positioned to deliver strong bookings and rev growth despite soft global travel trends. Growing scale and leverage in the model help offset margin pressure from soft variable marketing ROI. We reiterate our Buy and $1,700 PT."
Shares of The Priceline Group closed at $1471.80 yesterday.
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