UDPATE: Morgan Keegan Raises PT on Priceline.com to $625

Morgan Keegan has reiterated its Outperform rating on, and raised estimates for, Priceline.com (NASDAQ: PCLN) upon strong performance despite European weaknesses.

Morgan Keenan concluded, “Q3 demonstrated that Priceline's growth trajectory remains strong amid a challenging economic environment and that advertising initiatives are providing strong returns. We continue to view PCLN as the top growth name in large cap Internet and reiterate our Outperform and raise PT to $625 from $600.” On estimates, Morgan Keegan's “'11E/'12E non-GAAP EPS go to $23.00/$29.48 (+71%/+28% Y/Y) versus $22.23/$27.59 previously.”

PCLN closed Monday's trading at $509 per share.