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priceline.com (PCLN) PT Lifted to $1,100 at Evercore

August 9, 2013 7:13 AM EDT Send to a Friend
Get Alerts PCLN Hot Sheet
Price: $1,186.12 -0.93%

Rating Summary:
    27 Buy, 3 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 13 | Down: 24 | New: 21
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Evercore Partners analyst Ken Sena reiterated an Overweight rating on priceline.com (NASDAQ: PCLN) and raised his price target from $975 to $1,100, following strong Q2 results.

The firm raised 3Q adjusted EBITDA estimate by 9% to $1.08 billion, 6% above the high-end of the company's guidance range which they see as achievable given that the company came in 7% and 11% above in 2Q and 1Q, respectively.

"Booking.com ranks first globally in diversity and quantity of travel supply and, despite current marketing deleverage, still enjoys the highest marketing efficiency in the industry," Sena comments. "Moreover, we view valuation as justifiable on the basis of growth, even given its recent performance. Our $1100 target price considers DCF and multiple comparison and implies that Priceline can trade at 17x Adj. EBITDA and 23x Adj. EPS on our 2014 estimates, consistent with our long-term growth rates."

For an analyst ratings summary and ratings history on priceline.com click here. For more ratings news on priceline.com click here.

Shares of priceline.com closed at $927.58 yesterday.




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