Citi Maintains 'Buy' Rating on Ctrip.com (CTRP)
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Citi maintains a 'Buy' rating on Ctrip.com (Nasdaq: CTRP), price target $78.
Citi analyst says, "Perfect storms cause turbulence: Buy for the sustainable fundamentals - It is well understood that Ctrip is the dominant online travel company in China, with sustainable competitive advantages. The key issue thus is the near-term demand environment, which is being impacted by a combination of one-time events in 1Q-3Q08 (snowstorms, earthquakes, Olympics) and softer domestic travel environment, creating a perfect storm scenario. Shares could be vulnerable due to these near-term events/uncertainties; we recommend taking advantage of any weakness as a buying opportunity for long-term investors."
Ctrip.com International, Ltd. (Ctrip) is a travel service provider for hotel accommodations, airline tickets and packaged-tours in China.[SM]
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