The Priceline Group (PCLN) PT Raised to $1780 at UBS
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UBS analyst Eric Sheridan reiterated a Buy rating and raised his price target on The Priceline Group (NASDAQ: PCLN) to $1,780.00 (from $1,600.00) following solid Q3 results and outlook.
commented, "For the 2nd quarter in a row, PCLN delivered a solid earnings report (beat across the board) & faster than expected growth in its one quarter forward commentary (vs. fears of tough comps & "law of large numbers"). Compared to investor expectations just 12 months ago, PCLN mgmt has continued to scale the business in terms of property count, room night growth & exposure to alt accommodations at a rate that has climbed the wall of worry about growth fears for an industry player at PCLN's scale. While some might focus on the OpenTable writedown or ad spend deleverage, in our view, the story of PCLN's 2016 has been faster than expected growth, the beginning of a shift to direct (& repeat) traffic as a source of better customer value long-term & reasonable valuation (~20x 2017E EPS, or a PEG of ~1.27x) – all three remain key tenets for the 2017 investment thesis as well as investors look forward."
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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