Brean Murray Carret Cuts Price Target on eLong (LONG), But Remains Extremely Positive
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Price: $18.00 --0%
Rating Summary:
1 Buy, 2 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 6 | New: 33
Rating Summary:
1 Buy, 2 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 6 | New: 33
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Brean Murray Carret & Co. is maintaining its Buy rating on shares of eLong (NASDAQ: LONG) and is lowering its price target from $22 to $20 following the release of its Q3 results.
The firm reports that LONG's Q3 results and Q4 guidance was largely inline with expectations and that they remain positive on the stock due to managements execution and performance.
The company is focusing on the leisure travel segment through hotels and is connecting with its customers through the internet. The firm believes this model will continue to drive growth for some time and will lead to large margins in the future.
An analyst at Brean Murray Carret & Co. comments, "We are impressed by the company's continued effort of diversifying its product portfolios and acquiring new customers by tailoring its offerings to meet different customer demands."
To go inline with current market trends, the firm is reducing its FY11 and FY12 EPS estimates from $0.44 and $0.60 to $0.39 and $0.51. Revenue for the two years is forecasted to be $582 million and $768 million.
For an analyst ratings summary and ratings history on eLong click here. For more ratings news on eLong click here.
Shares of eLong closed at $14.47 yesterday.
The firm reports that LONG's Q3 results and Q4 guidance was largely inline with expectations and that they remain positive on the stock due to managements execution and performance.
The company is focusing on the leisure travel segment through hotels and is connecting with its customers through the internet. The firm believes this model will continue to drive growth for some time and will lead to large margins in the future.
An analyst at Brean Murray Carret & Co. comments, "We are impressed by the company's continued effort of diversifying its product portfolios and acquiring new customers by tailoring its offerings to meet different customer demands."
To go inline with current market trends, the firm is reducing its FY11 and FY12 EPS estimates from $0.44 and $0.60 to $0.39 and $0.51. Revenue for the two years is forecasted to be $582 million and $768 million.
For an analyst ratings summary and ratings history on eLong click here. For more ratings news on eLong click here.
Shares of eLong closed at $14.47 yesterday.
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