Deutsche Bank Raises Price Target on priceline (PCLN), Allows for 20% Upside

Deutsche Bank is reiterating its Buy rating on shares of priceline.com (NASDAQ: PCLN) as its raising its price target from $540 to $625 on strong Q1 earnings and market trends.

The firm believes that secular growth will continue at the company with room night growth of 56% Y/Y driving that belief. It is raising its FY11 EPS estimate from $18.70 to $19.44 and its FY12 estimate from $24.70 to $25.02.

Deutshe reports, "we think this robust growth in volumes will likely continue in the future, which should help to re-value the shares on a higher earnings multiple. While growth has largely been driven by Europe, we think that Asia-Pacific continues to ramp up against global growth."

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

Shares of priceline.com closed at $519.03 yesterday.

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