Citigroup Downgrades eLong (LONG) to Sell
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Citigroup downgrades eLong (Nasdaq: LONG) from Hold to Sell, after mixed 1Q results and weaker-than-expected 2Q outlook.
The firm cited, 1) Increasing headwinds from a softening domestic travel environment plus uncertain impact from the earthquakes; 2) Suboptimal execution as turnaround remains in progress; and 3) Elusive profitability as company continues to invest in improving customer service and fulfilment capability.
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