Priceline.com (PCLN) Price Target Trimmed to $1400 at Goldman Sachs
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Rating Summary:
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Today's Overall Ratings:
Up: 11 | Down: 12 | New: 13
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Goldman Sachs maintained a Conviction Buy rating on priceline.com (NASDAQ: PCLN) and lowered its price target to $1,400.00 (from $1,500.00). The change follows Q3 results.
Analyst Heath P. Terry said, "Domestic bookings growth slowed ~1100 bps as growth was impacted by a 500bps tougher comp from Kayak and erosion in the Name Your Own Price business. While Int’l ex-FX gross bookings growth of +32% was 100bps ahead of consensus, guidance implies a significant slowdown in 4Q driven by macro, tougher comps, and the larger base and further deceleration from that already observed in 4Q. Despite headwinds from macro, more difficult comps, and FX which will pressure results over the next few quarters, at 17X ’15 PF EPS, with a relatively stable travel environment, ongoing share gains, and increasing direct traffic, we believe the risk/reward in PCLN remains attractive."
"Our 12-month target goes to $1,400 from $1,500 prior based on 17X 2015E EV/EBITDA to reflect our new estimates," he added.
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 $1198.52 yesterday.
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