UPDATE: Credit Suisse Lowers PT to $710 on Priceline.com, Maintains Outeperform
Credit Suisse maintains its Outperform rating on Priceline.com (NASDAQ: PCLN) and lowers its price to $710 from $720 as it lowers estimates to reflect expectations that results for fourth quarter may come in tight.
Credit Suisse says, "We modestly lower our estimates and price target on FX, but we maintain our currency-neutral growth projections and Outperform rating on PCLN shares as our checks indicate its hotel inventory additions remain robust. We hence remain comfortable with our core share gain investment thesis as we believe 4Q11 results will demonstrate once again PCLN's growth continues to outstrip industry and competition."
PCLN closed at $518.58 per share on Friday.
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