Priceline (PCLN) Shares Surge On Strong Q3 Performance; Analysts Show the Love
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Price: $30.73 --0%
Rating Summary:
0 Buy, 0 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
0 Buy, 0 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Shares of Priceline.com Inc. (NASDAQ: PCLN) are up nearly 9 percent on Tuesday in midday market movement to $422.71, after the company posted blowout third-quarter results.
The online travel services provider reported third-quarter earnings of $5.33 per share, 36 cents better than the analyst estimate of $4.97 per share.
Revenue for the company rose to $1 billion in the quarter from $730 million in the same period last year, beating the market consensus of $973.63 million.
Looking forward, Priceline sees fourth-quarter earnings in the range of $2.91 to $3.06 per share, compared to the Street's view of $2.68 per share. The company also sees fourth quarter sales up 31 percent to 36 percent year-over-year.
Analyst Round Up
Goldman Sachs raised its price target on Priceline from $420 to $475, following the company's third-quarter results. The firm maintained their Buy rating on the stock.
Goldman analyst says, "We believe PCLN is one of the best secular growth stories in Internet, trading at 22X our new 2011 EPS estimate while growing EPS at a 23% CAGR over the long term."
Deutsche Bank raised their price target on Priceline from $400 to $450, while reiterating their Buy rating on the stock.
Deutsche Bank analyst says, "Priceline continues to execute on its plan of dominating the international hotel market, with a strong foothold of now 105,000 properties worldwide. Growth remains in penetration of European hotels (lags about 10% behind US penetration rates), new regions (Asia, South America) and new service expansions (rental cars). We continue to view Priceline as a core holding in the Internet sector."
UBS maintain a Neutral rating on Priceline, while raises its price target on the stock from $360 to $425.
UBS analyst says, "The Q3 result is unambiguously positive but not completely unexpected by the buy-side. Expect ations for PCLN are very high thanks to ongoing dominance in the key international hotel marketplace. We suspect consensus 2011 EPS will migrate to ~$17/sh but believe many investors were already there."
Soleil maintained a Buy rating on Priceline while raising its price target on the stock from $415 to $450.
Soleil analyst says, "PCLN topped guidance, consensus and aggressive buyside targets with upside to international bookings and declining customer acquisition cost. Guidance points to more of the same."
The online travel services provider reported third-quarter earnings of $5.33 per share, 36 cents better than the analyst estimate of $4.97 per share.
Revenue for the company rose to $1 billion in the quarter from $730 million in the same period last year, beating the market consensus of $973.63 million.
Looking forward, Priceline sees fourth-quarter earnings in the range of $2.91 to $3.06 per share, compared to the Street's view of $2.68 per share. The company also sees fourth quarter sales up 31 percent to 36 percent year-over-year.
Analyst Round Up
Goldman Sachs raised its price target on Priceline from $420 to $475, following the company's third-quarter results. The firm maintained their Buy rating on the stock.
Goldman analyst says, "We believe PCLN is one of the best secular growth stories in Internet, trading at 22X our new 2011 EPS estimate while growing EPS at a 23% CAGR over the long term."
Deutsche Bank raised their price target on Priceline from $400 to $450, while reiterating their Buy rating on the stock.
Deutsche Bank analyst says, "Priceline continues to execute on its plan of dominating the international hotel market, with a strong foothold of now 105,000 properties worldwide. Growth remains in penetration of European hotels (lags about 10% behind US penetration rates), new regions (Asia, South America) and new service expansions (rental cars). We continue to view Priceline as a core holding in the Internet sector."
UBS maintain a Neutral rating on Priceline, while raises its price target on the stock from $360 to $425.
UBS analyst says, "The Q3 result is unambiguously positive but not completely unexpected by the buy-side. Expect ations for PCLN are very high thanks to ongoing dominance in the key international hotel marketplace. We suspect consensus 2011 EPS will migrate to ~$17/sh but believe many investors were already there."
Soleil maintained a Buy rating on Priceline while raising its price target on the stock from $415 to $450.
Soleil analyst says, "PCLN topped guidance, consensus and aggressive buyside targets with upside to international bookings and declining customer acquisition cost. Guidance points to more of the same."
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