Needham & Company Starts The Priceline Group (PCLN) at Buy
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Rating Summary:
0 Buy, 0 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 11 | New: 11
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Needham & Company initiates coverage on The Priceline Group (NASDAQ: PCLN) with a Buy rating and a price target of $1,800.00.
Analyst Laura Martin commented, "We initiate coverage of PCLN with a BUY rating and target price of $1,800 based on its market leading position, its execution track record and OTA ecosystem competitive advantages. Digital markets are winner-take-most markets (our view), and PCLN is the largest online travel aggregator (OTA), with over 50% of the independent hotels in Europe. There are revenue and cost synergies to larger inventory given conversion rates rise as supply increases. Culturally, PCLN has a strong corporate culture of optimizing its traffic to drive higher conversion rates over time. It uses extensive A/B testing in local markets and then rolls out the best answer globally, iterating continually to improve its product over time. PCLN is growing faster than industry peers, despite a 2x larger revenue base. The rise of new hotel competitors like Airbnb are good for PCLN."
For an analyst ratings summary and ratings history on The Priceline Group click here. For more ratings news on The Priceline Group click here.
Shares of The Priceline Group closed at $1466.06 yesterday.
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