The Priceline Group (PCLN) PT Raised to $1760 at Oppenheimer
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Oppenheimer analyst Jed Kelly reiterated an Outperform rating and raised his price target on The Priceline Group (NASDAQ: PCLN) to $1,760.00 (from $1,640.00) following results and solid guidance.
Kelly commented, "We are raising our PCLN price target to $1,760 from $1,640 on rolling forward to 2018 EPS, and maintaining our Outperform rating after the company reported strong 3Q results, with non-GAAP EPS 5%/4% above Opco/Street estimates. Furthermore, the high-end 4Q roomnights/bookings guidance, +25% y/y/+21% y/y (ex-FX), 5%/3% above Street, despite increasing competition, indicating to us that PCLN's best-of-breed execution is gaining share in US, while maintaining its European/APAC strongholds. Advertising de-levered 195bps on a more competitive performance marketing environment; however, continued market-share gains should alleviate investor concerns. We believe continuing momentum in core-OTA will make it easier to restructure OpenTable under the PCLN umbrella. Our price target assumes 21x our '18E non-GAAP EPS estimate, a 13% premium to S&P 500 on '16E earnings."
The firm adjusted FY 2016 EPS from $69.08 to $64.15 and FY 2017 EPS from $80.14 to $73.41.
Shares of The Priceline Group closed at $1480.33 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
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