Piper Jaffray raised its price target on The Priceline Group (NASDAQ: PCLN) to $1,800.00 (from $1,700.00) while maintaining a Overweight rating.

Analyst Michael Olson comments "Q4 upside was due to accelerating global room night growth of 31% y/y (consensus at 25% y/y), up from Q3 at 29%. As expected, management guided for Q1'17 EPS below our estimate, but Priceline has beaten the mid-point of EPS guidance by an average of 10% over the past 12 quarters. We continue to believe that Priceline is well positioned to capture an increasing share of travel bookings in the company’s core international markets, which we expect will drive less deceleration in bookings growth than many expect over the coming quarters.