Deutsche Bank Downgrades Ctrip.com (CTRP) to Hold; Valuation Call
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Deutsche Bank downgrades Ctrip.com (Nasdaq: CTRP) from Buy to Hold. Price target $38.
Deutsche analyst says, "We downgrade Ctrip to HOLD on valuation as we believe that current valuation accurately factors in near term catalysts such as market share gain and air-ticket/hotel volume growth; we see limited near term price upside. However, we remain positive on Ctrip's longer term growth potential given its execution ability, market leadership position and lowly-penetrated online travel market...Our channel checks suggest a continuous decline of domestic airfare in 2Q09. Hotel market has shown no signs of recovery with key operation data continuing to deteriorate."
To see more analyst ratings on CTRP Click Here.
Ctrip.com International, Ltd. (Ctrip) is a travel service provider for hotel accommodations, airline tickets and packaged tours in China.
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