Cantor Fitzgerald Maintains Bullish View on The Priceline Group (PCLN) Ahead of Q1 Results
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Cantor Fitzgerald maintained a Buy rating and $1,360 price target on The Priceline Group Inc. (NASDAQ: PCLN) ahead of Q1 results on on 05/07. Expectations are for PLCN's 1Q results to be in line with initial expectations. Checks of worldwide traffic and hotel pricing trends, and a positive read-across from Expedia's 1Q results support this decision.
Cantor Fitzgerald analyst Naved Khan comments, "Hotel pricing up in 1Q across U.S./Europe (FX-neutral). European hotel prices (FX neutral) show improvement. Our tracking of hotel prices in Europe shows that euro-denominated hotel room prices are up 8.3% Y/Y in 1Q vs. +3.5% in 4Q:14 and +5.3% in 3Q:14—a reflection of healthy demand, in our view. That said, we expect the decline in the euro vs. the USD to be a headwind for reported results. U.S. hotel occupancy and average daily rate (ADR) were up 3.1%/4.7% Y/Y in 1Q:15, respectively, vs. 4.2%/4.5% in 4Q:14 (STR), respectively."
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 $1260.43 yesterday.
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