RBC 'Incrementally Positive' on Priceline Group (PCLN) Following Q4 Results; Affirms at 'Outperform'
RBC Capital affirms The Priceline Group (NASDAQ: PCLN) with an Outperform rating and $1,700 price target after the company reported Q4 results earlier Wednesday.
Analyst Mark Mahaney noted the following key points from the report: Falling airfares (thanks to oil) and stabilizing FX enticing more global travelers. Priceline seeing strength across all regions and is especially benefiting from non-Hotel bookings, self-managed business bookings, and China Outbound. Plus, Priceline continues to execute extremely well. Q116 Bookings, Rev, EBITDA, and EPS guides all at least bracketed the Street.
Mahaney noted, We are incrementally more positive on PCLN. Overall growth and profitability trends remain very robust. We are more confident that PCLN will generate accelerating growth in 2016, thanks in part to FX stabilization, but also thanks in part to material new growth opportunities that PCLN has been investing in for years: China Outbound, Vacation Rentals & Alternative Accommodations, LatAm, & Business Travel.
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