Janney Capital analyst Brian McGill lowered his fair value target on Neutral-rated priceline.com (NASDAQ: PCLN) to $1,200.00 (from $1,225.00) following Q1 results saying they think tough Q3 comps loom.

McGill commented, "PCLN reported 1Q14 revenue of $1.64 bln and EBITDA of $513 mln. This compared with expectations for $1.63 bln and $453 mln. Looking ahead, we still expect Booking.com to slow in Europe in the back half of 2014 and into 2015. We think the hotels will see more bookings through the direct channel due to improved technology and loyalty programs. We also think PCLN has uncovered the valuable supply in the region and that online penetration will slow. All are negatives for the pace of growth. Domestically, its share is low, but we are generally negative on this market due to the competition and higher presence of branded hotels. We also do not expect other international markets to be enough to offset slowing growth in Europe. Last, while we respect management's desire to keep many details of the quarter confidential, we think it would be beneficial to increase disclosures. This would give investors a better understanding of what is driving the business. As long as the stock keeps appreciating, we don’t think this will be an issue. This could change if issues start to emerge. Our fair value moves to $1,200 (from $1,225), which is 15x our 2015 EBITDA."

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Shares of priceline.com closed at $1135.91 yesterday.