Priceline (PCLN) PT Raised to $1700 at Jefferies Amid Strong Results
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Jefferies US Internet Team reiterated a Buy rating and raised its price target on The Priceline Group (NASDAQ: PCLN) to $1,700.00 (from $1,660.00) following strong results.
They commented, "Priceline reported another solid quarter with strong growth from all its brands and across all key geographies. Mgmt highlighted that recent terror attacks in Europe impacted gross bookings and cancellations in respective markets but did not have a discernible impact on overall growth. Guidance, usually conservative, came in in-line with cons on continued momentum from Q2. We reiterate our Buy and raise PT to $1,700."
FY 2016 EPS goes from $70.64 to $71.22 and FY 2017 EPS from $86.39 to $86.14.
Shares of The Priceline Group closed at $1359.99 yesterday.
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