UPDATE: Piper Jaffray Raises PT on Priceline.com to $670

Piper Jaffray has published a research report on Priceline

where it reiterated its Overweight status and increased its price target from $640 to $670 on strong Q3 performance and Q4 outlook deemed likely conservative. Piper Jaffray concluded, “International growth in Q3 was ahead of expectations and drove PF EPS upside of $0.65. The outlook for Q4 is slightly below consensus, but likely incorporates conservatism relative to Europe macro and Thailand flood. International growth will be driven by Priceline's dominant position in Europe and penetration in new markets; we expect the company will continue to hold leading share in higher growth geographies that currently have a relatively lower percentage of travel booked online. International bookings (FX neutral) grew 61% y/y, a modest deceleration from +79% y/y growth in Q2 and was on top of 78% growth in 3Q10. We raise our FY11 and FY12 PF EPS estimates to $23.09 and $29.15 and reiterate our OW rating.” PCLN closed at $509 per share on Monday.