The Priceline Group (PCLN) PT Raised to $1760 at Oppenheimer

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.

For an analyst ratings summary and ratings history on The Priceline Group click here. For more ratings news on The Priceline Group click here.

Shares of The Priceline Group closed at $1480.33 yesterday.

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