Nomura Securities Maintains a 'Reduce' on priceline.com (PCLN), but Raises Estimates and Price Target

Nomura Securities maintains a 'Reduce' on priceline.com (NASDAQ: PCLN) price target raised from $580 to $670.

Analyst, Brian Nowak, said, "PCLN’s beat vs. us in 2011 was due to both macro (Europeans continue spending on travel through dire economic news) and micro (PCLN continues executing) factors. Despite our new higher (record level) market and PCLN growth expectations, we still find ourselves below forward Street numbers which, in our view, speaks to the little room for error PCLN has to execute to meet (less beat) forward expectations. Our 2012 / 2013 EPS estimates go from $31.47 / $36.16 to $30.86 / $37.54 vs. Street at $31.50 / $38.56, respectively. New PT of $670 is driven by higher 2013 estimates and a higher relative multiple."

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 $714.99 yesterday.

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