Wedbush Starts priceline.com (PCLN) at Outperform, Sets Price Target at $675
Tweet Send to a FriendGet Alerts PCLN Hot Sheet
Price: $801.12 -0.31%
Rating Summary:
23 Buy, 3 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Rating Summary:
23 Buy, 3 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Trade PCLN Now!
Wedbush initiates coverage on shares of priceline.com (NASDAQ: PCLN) with an Outperform rating and $675 price target.
The company is the second largest online travel agency in the world and will continue to experience growth while the travel industry continues to grow. The firm believes that having such a large customer basis will also contribute in the growth of the company moving forward.
Although macro concerns are weighing heavy on many markets, the travel industry shows strong trends in the future. The travel industry rose 3 percent in 2010 and looks to rise another 4 percent in 2011.
An analyst at Wedbush comments, "The U.S. leads in the transition to purchasing travel products from offline to online channels, and we expect Europe and Asia to follow. With Internet usage rates increasing globally, we believe that online travel commerce will continue to grow, presenting major opportunities."
The firm released its 2011 and 2012 EPS estimates at $22.76 and $29.48. Revenue for the two years is estimated to be $4.34 billion and $5.42 billion.
For more ratings news on priceline.com click here and for the rating history of priceline.com click here.
Shares of priceline.com closed at $542.14 yesterday, with a 52 week range of $311.11-$561.88.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
The company is the second largest online travel agency in the world and will continue to experience growth while the travel industry continues to grow. The firm believes that having such a large customer basis will also contribute in the growth of the company moving forward.
Although macro concerns are weighing heavy on many markets, the travel industry shows strong trends in the future. The travel industry rose 3 percent in 2010 and looks to rise another 4 percent in 2011.
An analyst at Wedbush comments, "The U.S. leads in the transition to purchasing travel products from offline to online channels, and we expect Europe and Asia to follow. With Internet usage rates increasing globally, we believe that online travel commerce will continue to grow, presenting major opportunities."
The firm released its 2011 and 2012 EPS estimates at $22.76 and $29.48. Revenue for the two years is estimated to be $4.34 billion and $5.42 billion.
For more ratings news on priceline.com click here and for the rating history of priceline.com click here.
Shares of priceline.com closed at $542.14 yesterday, with a 52 week range of $311.11-$561.88.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- Priceline.com (PCLN), KAYAK (KYAK) Complete Merger
- Deutsche Bank Starts Kodiak Oil & Gas (KOG) at Hold
- Roth Capital Resumes LeapFrog (LF) at Buy
Create E-mail Alert Related Categories
New Coverage
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
