The Priceline Group (PCLN) PT Raised to $1625 at Piper Jaffray Amid 'Significant' Q2 EPS Upside
- British American Tobacco Offers to Acquire Remaining Shares of Reynolds American (RAI) for $56.50/Share
- General Electric (GE) Tops Q3 EPS by 2c; Updates FY16 EPS Outlook
- Microsoft (MSFT) Tops Q1 EPS by 8c
- Oil rises on Russia's output freeze commitment
- AMD (AMD) Posts Q3 Operating EPS of 3c; Sees Q4 Revenue Down Sequentially
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
Piper Jaffray analyst Michael Olson reiterated an Overweight rating and lifted his price target on The Priceline Group (NASDAQ: PCLN) to $1,625.00 (from $1,500.00) following significant Q2 upside.
Olson commented, "Priceline reported Q2 upside (bookings and EPS 1% and 10% above Street expectations, respectively) and guided Q3'16 bookings only slightly (3%) below consensus at the midpoint of guidance. Q2 upside was primarily due to resilient booking trends amidst a challenging environment and share gains vs. competitors due to more efficient use of performance based advertising. Q3 guidance is relatively more favorable than Street expectations as concerns were mounting related to weakening Europe travel data, terror attacks, Brexit, and the ongoing CEO transition. While these four issues are not imaginary and could be impactful to Priceline's fundamentals, management provided relatively favorable guidance and it is worth noting that Priceline has beaten the mid-point of EPS guidance by an average of 12% over the past 17 quarters, so this outlook could still prove low. We reiterate our OW; our price target moves to $1,625."
Shares of The Priceline Group closed at $1359.99 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Microsoft (MSFT) PT Lifted to $68 at Nomura
- KLA-Tencor (KLAC) PT Lifted to $75 at Nomura
- Jefferies Cuts Price Target on Genuine Parts (GPC) to $95 Following 3Q Report
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesPiper Jaffray, Michael Olson
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!