Nomura Securities Trimming Price Target & Estimates on (CTRP); Current Environment Challenging

June 12, 2012 9:55 AM EDT
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Price: $43.99 --0%

Rating Summary:
    18 Buy, 6 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 23 | Down: 31 | New: 34
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Nomura Securities reiterates a 'Buy' on (NASDAQ: CTRP) price target of $22.00 (from $25.00).

Analyst, Jin Yoon, said, "We believe that the current business environment is weaker than expected as management sees soft performance in May and June and indicates results for 2Q12 will likely come in at mid-to-low end of previously guided revenue range of 15-20% y-y. However, management expects margins to come in as previous guided. Despite the unfavorable business environment, which we believe has been priced into the weak recent share price, we reiterate Buy. F12F/F13F Normalized EPS goes from (CNY) 8.28/9.97 to 8.13/9.29."

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Shares of closed at $17.06 yesterday.

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