Nomura Securities Raises Price Target on Ctrip.com (CTRP) Following 2Q
- Donald Trump Sworn in as 45th U.S. President
- Wall Street ends higher as Trump becomes president
- Walgreens Boots Alliance (WBA) Said to Face Antitrust Concern for Rite Aid (RAD) Fix - Bloomberg
- Bristol-Myers Squibb (BMY) Says It Won't Pursue Accelerated U.S. Regulatory Pathway for Opdivo Plus Yervoy in Lung Cancer
- Apple (AAPL) Sues Qualcomm (QCOM) Over Patent Royalties in Antitrust Case - Bloomberg
Get daily under-the-radar research with StreetInsider.com's Stealth Growth Insider Get your 2-Wk Free Trial here.
Nomura Securities reiterated a Buy rating on Ctrip.com (NASDAQ: CTRP), and raised the price target to $57.00 (from $49.00), following the company's 2Q earnings report. Ctrip’s accommodation revenue increased 30% YoY in 2Q16 on a pro forma basis, vs. 49% YoY in 1Q16. Checks with Chinese airlines also show that OTAs, particularly Ctrip, have gained more market share since July 1 as small agencies were squeezed out.
Analyst Jialong Shi commented, "Ctrip reported in-line 2Q16 net revenue of CNY4.4bn, up 32% y-y on a pro forma basis. Non-GAAP net profit of CNY57mn beat street estimates for a net loss of CNY40mn, owing to better operating margins. Non-GAAP operating margin improved 16pp YoY on a pro forma basis thanks to cost savings. Ctrip expects continued margin expansion. It guided for 22-26% y-y pro-forma top-line growth, the mid-point of which is 2% above consensus of 22% y-y."
Shares of Ctrip.com closed at $47.90 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Union Pacific (UNP) PT Raised to $102 at Stifel Following 4Q Report
- IBM (IBM): Closer Look Shows The - Jefferies
- Instinet (Nomura) Downgrades Silicon Motion Technology (SIMO) to Neutral
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Related EntitiesNomura, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!