Cantor Fitzgerald Maintains Bullish View on The Priceline Group (PCLN) Following 'Strong' Q1

Cantor Fitzgerald analyst Naved Khan reiterated a Buy rating and $1,360 price target on The Priceline Group (NASDAQ: PCLN) following Q1 results, calling them "strong" with the outlook only hurt by "FX."

Khan commented, "PCLN's 1Q results were strong and topped Street expectations on every metric. 1Q also saw sequential improvement in int'l bookings and room nights to 29% (FX-neutral) and 25.4%, respectively from 27%/24% in 4Q, attesting to the platform's strong underlying fundamentals. 1Q results should help alleviate any concerns about a slowdown in PCLN's core travel business. While 2Q outlook was clouded by FX, we view this to be transitory and remain constructive on the name."

For 2Q, they now forecast $2.27B in revenue (+7% Y/Y), $772M in adjusted EBITDA and $11.78 in adjusted EPS with 6% Y/Y growth in total bookings vs. $2.35B/$891M/13.67, previously. For FY:15, they now forecast $9.17B for revenue, $3,626M in EBITDA and $55.98 for EPS vs. $9.42B, $3,840M and $58.99, previously.

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 $1264.15 yesterday.

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