JP Morgan: Priceline Remains Strong Despite Expected Deceleration

JP Morgan has published a research report reiterating its Overweight rating and a $682 price target on Priceline.com

, while saying it believed the company remains strong despite expected deceleration. According to JP Morgan, “Priceline posted a strong quarter as 3Q bookings grew 56% Y/Y (48% ex-FX) driven by continued strength in Bookings.com and stable growth in the domestic segment. We believe 3Q results and the 4Q outlook continue to indicate strong underlying trends in Booking.com, despite tougher Y/Y comparisons in 3Q and macro headwinds in Europe. We reiterate our Overweight rating and our $682 price target is unchanged.” PCLN closed at $509.00 per share on Monday, a $4.37 drop for the day.