Nomura Securities Maintains a 'Buy' on Ctrip.com (CTRP); Cutting PT
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Price: $34.93 --0%
Rating Summary:
22 Buy, 11 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 19 | Down: 16 | New: 9
Rating Summary:
22 Buy, 11 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 19 | Down: 16 | New: 9
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Nomura Securities maintains a 'Buy' on Ctrip.com (NASDAQ: CTRP) price target lowered from $40 to $29.
Analyst, Jin Yoon, said, "4Q11 results came in largely in line with our estimates. However, the company guided for soft 15-20% y-y top-line growth for 1Q12F, with non-GAAP operating margins likely to decline by 700bps from 4Q11, mainly due to the continued promotion of the hotel coupon programme. We believe that margins will remain under pressure in the near-to- medium term. However, we also expect Ctrip to gain market share in the lower-end leisure traveler market in the longer term. We maintain our rating, but lower our TP to USD29. We believe that the weak guidance has already been priced in and there is potential upside to market expectations heading into 2Q12F."
For an analyst ratings summary and ratings history on Ctrip.com click here. For more ratings news on Ctrip.com click here.
Shares of Ctrip.com closed at $22.96 yesterday.
Analyst, Jin Yoon, said, "4Q11 results came in largely in line with our estimates. However, the company guided for soft 15-20% y-y top-line growth for 1Q12F, with non-GAAP operating margins likely to decline by 700bps from 4Q11, mainly due to the continued promotion of the hotel coupon programme. We believe that margins will remain under pressure in the near-to- medium term. However, we also expect Ctrip to gain market share in the lower-end leisure traveler market in the longer term. We maintain our rating, but lower our TP to USD29. We believe that the weak guidance has already been priced in and there is potential upside to market expectations heading into 2Q12F."
For an analyst ratings summary and ratings history on Ctrip.com click here. For more ratings news on Ctrip.com click here.
Shares of Ctrip.com closed at $22.96 yesterday.
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