Susquehanna Downgrades Ctrip.com (CTRP) to Neutral
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Susquehanna downgrades Ctrip.com International (Nasdaq: CTRP) from Positive to Neutral citing valuation, following Q1 results. The firm notes the stock has approached their $65 price target.
The firm said, "Ctrip reported 1Q earnings results above estimates despite the negative impact from the snowstorm. However, the company reduced its 2Q08 revenue growth guidance to 30% Y/Y from 35%, due in large part to some events that are one-time in nature. Management is still very positive on the overall business environment and maintains its CY08 guidance at 35%."
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