Deutsche Bank Upgrades Ctrip.com (CTRP) to Hold; Improved DB Air-Ticket Outlook, New FX Rate

Deutsche Bank upgraded Ctrip.com (NASDAQ: CTRP) to Hold. PT $46.

Deutsche analyst says, "We upgrade Ctrip to Hold to reflect recent mgmt mtgs & colleague Vincent Ha's increased 2010-12E rev forecast for the big three airlines (+1-5%) on the back of strong industry metrics in the first 9 months of 2010. In addition, our RMB denominated forecast appreciates by 5% in USD terms as we adopt our latest FX rate forecast. The stock price has declined by 11% and underperformed the HangSeng by 13% since 3 Nov."

For more ratings news on Ctrip.com click here and for the rating history of Ctrip.com click here.

Shares of Ctrip.com closed at $46.31 yesterday, with a 52 week range of $29.90-$78.60.

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