Cantor Fitzgerald analyst Naved Khan reiterated a Buy rating and raised the price target on The Priceline Group (NASDAQ: PCLN) to $1,480.00 (from $1,360.00) following solid Q2 results and outlook.

Khan commented, "PCLN's 2Q results were strong and exceeded Street expectations on every metric. Int'l bookings and room nights accelerated for a second quarter in a row, attesting to the platform's strong underlying fundamentals. We think 2Q results should help alleviate any concerns about a material slowdown in PCLN's core travel business. The 3Q outlook is broadly in line with expectations, and we view it to be appropriately conservative, given a) FX volatility and PCLN’s substantial business exposure to non-US geographies and b) 3Q tends to be seasonally the largest for the company."

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Shares of The Priceline Group closed at $1351.21 yesterday.