Q3 Preview: Priceline (PCLN) Looks to Negotiate Strong Results Amid Rebound in Travel
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Price: $1,905.64 --0%
Rating Summary:
0 Buy, 0 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 11 | New: 7
Rating Summary:
0 Buy, 0 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 11 | New: 7
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Shares of Priceline.com Inc. (NASDAQ: PCLN) are down $1.61 to $$387.26 in midday market movement on Monday ahead of the company's third-quarter earnings release scheduled for after the closing bell.
The Internet travel services provider is expected by analysts to report earnings of $4.97 per share on revenue of $973.63 million.
In the second quarter, Priceline reported earnings of $3.09 per share, beating the analyst estimate of $2.65 per share. The company reported second-quarter revenue of $767.4 million, missing the consensus of $733.04 million.
Since the start of the third quarter, shares of Priceline are up $92.00 or 31.16 percent. Year-to-date the stock is up $168.84 or 77.3 percent.
A valuation shows that Priceline is going for a forward P/E of 34.29x full year 2010 estimates.
Data from Bloomberg shows that 16 analysts have a Buy rating on the stock, 5 have a Hold and zero have a Sell. The average analyst price target on Priceline is $383 with a target range of $310 to $437.
Analyst comments
On October 26, Soleil analysts maintained a Buy rating on Priceline, while raising their price target on the stock from $345 to $415.
Soleil analyst says, "The stock has had a big move, but FX has gone the right way, a proposed tax cut could add to EPS and the European backdrop remains good."
The firm said that it prefers Expedia (NASDAQ: EXPE) in this sector but continues to see upside in Priceline.
On October 26, Deutsche Bank maintained a Buy rating on Priceline, while raising its price target from $350 to $400.
Deutsche Bank analyst says, "Priceline.com should post in-line to better 3Q results. Despite tougher comps from a recovering leisure travel market last year, we are still modeling 45%Y/Y gross bookings growth at its flagship Booking.com business. After four quarters of triple-digit growth at Agoda, we think it will still post $110mn in bookings or a 69%Y/Y growth rate this quarter. We expect the company to report guidance better than street expectations."
The Internet travel services provider is expected by analysts to report earnings of $4.97 per share on revenue of $973.63 million.
In the second quarter, Priceline reported earnings of $3.09 per share, beating the analyst estimate of $2.65 per share. The company reported second-quarter revenue of $767.4 million, missing the consensus of $733.04 million.
Since the start of the third quarter, shares of Priceline are up $92.00 or 31.16 percent. Year-to-date the stock is up $168.84 or 77.3 percent.
A valuation shows that Priceline is going for a forward P/E of 34.29x full year 2010 estimates.
Data from Bloomberg shows that 16 analysts have a Buy rating on the stock, 5 have a Hold and zero have a Sell. The average analyst price target on Priceline is $383 with a target range of $310 to $437.
Analyst comments
On October 26, Soleil analysts maintained a Buy rating on Priceline, while raising their price target on the stock from $345 to $415.
Soleil analyst says, "The stock has had a big move, but FX has gone the right way, a proposed tax cut could add to EPS and the European backdrop remains good."
The firm said that it prefers Expedia (NASDAQ: EXPE) in this sector but continues to see upside in Priceline.
On October 26, Deutsche Bank maintained a Buy rating on Priceline, while raising its price target from $350 to $400.
Deutsche Bank analyst says, "Priceline.com should post in-line to better 3Q results. Despite tougher comps from a recovering leisure travel market last year, we are still modeling 45%Y/Y gross bookings growth at its flagship Booking.com business. After four quarters of triple-digit growth at Agoda, we think it will still post $110mn in bookings or a 69%Y/Y growth rate this quarter. We expect the company to report guidance better than street expectations."
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