Piper Jaffray analyst Michael Olson reiterated an Overweight rating and lifted his price target on The Priceline Group (NASDAQ: PCLN) to $1,625.00 (from $1,500.00) following significant Q2 upside.

Olson commented, "Priceline reported Q2 upside (bookings and EPS 1% and 10% above Street expectations, respectively) and guided Q3'16 bookings only slightly (3%) below consensus at the midpoint of guidance. Q2 upside was primarily due to resilient booking trends amidst a challenging environment and share gains vs. competitors due to more efficient use of performance based advertising. Q3 guidance is relatively more favorable than Street expectations as concerns were mounting related to weakening Europe travel data, terror attacks, Brexit, and the ongoing CEO transition. While these four issues are not imaginary and could be impactful to Priceline's fundamentals, management provided relatively favorable guidance and it is worth noting that Priceline has beaten the mid-point of EPS guidance by an average of 12% over the past 17 quarters, so this outlook could still prove low. We reiterate our OW; our price target moves to $1,625."

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Shares of The Priceline Group closed at $1359.99 yesterday.