Nomura Securities Upgrades priceline.com (PCLN) to Buy; Growing Global
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Price: $798.03 -3.38%
Rating Summary:
23 Buy, 3 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 28 | New: 14
Rating Summary:
23 Buy, 3 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 28 | New: 14
Trade PCLN Now!
Nomura Securities upgraded priceline.com (NASDAQ: PCLN) from Neutral to Buy. PT raised from $700 to $740.
Analyst, Brian Nowak, said, "Any PCLN debate begins with Europe, and in this case, we are taking a more conservative stance following PCLN’s recent warning of a weakening European environment. We are lowering our European macro room night forecast in 2012 (to 0% from 4%) and in 2013 (to -4%, the slowest seen since 2008) and our PCLN numbers accordingly. PCLN’s recent stock performance (its multiple compressing by ~7% since 2Q:12 EPS) creates a unique entry point, as we see PCLN reaching our $740 PT even if its forward PE multiple ex-cash compresses by 13%. PCLN is becoming more global, as 65% of forward room nights will come from outside of Europe (vs only 42% in the past) and the combination of its still-dominant European business and growing US and APAC businesses should enable it to print more upside surprises. We are 2% above 2012 Street EPS and 3% ahead in 2013."
For an analyst ratings summary and ratings history on priceline.com click here. For more ratings news on priceline.com click here.
Shares of priceline.com closed at $604.00 yesterday, with a 52 week range of $411.26-$774.96.
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Analyst, Brian Nowak, said, "Any PCLN debate begins with Europe, and in this case, we are taking a more conservative stance following PCLN’s recent warning of a weakening European environment. We are lowering our European macro room night forecast in 2012 (to 0% from 4%) and in 2013 (to -4%, the slowest seen since 2008) and our PCLN numbers accordingly. PCLN’s recent stock performance (its multiple compressing by ~7% since 2Q:12 EPS) creates a unique entry point, as we see PCLN reaching our $740 PT even if its forward PE multiple ex-cash compresses by 13%. PCLN is becoming more global, as 65% of forward room nights will come from outside of Europe (vs only 42% in the past) and the combination of its still-dominant European business and growing US and APAC businesses should enable it to print more upside surprises. We are 2% above 2012 Street EPS and 3% ahead in 2013."
For an analyst ratings summary and ratings history on priceline.com click here. For more ratings news on priceline.com click here.
Shares of priceline.com closed at $604.00 yesterday, with a 52 week range of $411.26-$774.96.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
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