Benchmark Sees Priceline.com Maintain Rapid Growth Despite Booking Uncertainties

The Benchmark Company reiterates its Buy rating and $638 price target on Priceline.com PCLN as the company showed resilient growth in face of uncertainty in bookings. Benchmark writes that Priceline.com, “[R]eported 3Q11 revenues of $1.45 billion, up 45% y/y and above the high end of guidance, topping consensus of $1.42 billion, driven by 56% bookings growth to $6.3 billion, including 73% y/y growth in international. EBITDA rose 78% to $644 million. EPS was $9.95, topping the high end of guidance and consensus of $9.30 and our $9.49 estimate. 4Q11 guidance looked just shy of expectations, but puts Priceline on track to at least make $23.00 EPS for 2011E.” PCLN closed at $509 per share on Monday.