KeyBanc Initiates Coverage on priceline.com (PCLN) with a Hold
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KeyBanc initiates coverage on priceline.com (NASDAQ: PCLN) with a Hold rating.
KeyBanc analyst says, "Our neutral disposition is premised upon our belief that while PCLN holds an attractive position within the online travel market, given its reputation as a discount travel provider, relatively low exposure to the challenged air travel industry and impressive relative gross bookings/earnings growth (largely through significant int'l traction). We believe that a combination of elevated investor expectations and difficult year-over-year comparisons, coupled with what we believe could be a more challenging environment for travel, both domestically and internationally, create potential headwinds for PCLN over the next several quarters. Also, as the most exposed internationally, we believe currency translation impact could prove meaningful. Given the Company's premium valuation multiples, both on an absolute and relative basis (approx. 69% premium to peer group on an EV/EBITDA basis), we view the risk/reward as fairly balanced at this time."
priceline.com Incorporated is an online travel company that offers its customers a range of travel services, including airline tickets, hotel rooms, car rentals, vacation packages, cruises and destination services.
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