UPDATE: Oppenheimer Cuts Target to $34 on Ctrip.com International
Oppenheimer cuts its target on Outperform-rated Ctrip.com International (NASDAQ: CTRP) on disappointing Q4 results and margin guidance.
Oppenheimer says, "Margins continued to trend lower with management guiding to further margin contraction in 2012 due mainly to its coupon program, higher S&M and product development spending. CTRP also guided to 1Q12 revenue growth of 15-20% y/y, implying net revenue of $134-140M, relative to consensus of $146M. We are lowering our 2012 earnings estimate to reflect management's guidance and higher expense assumptions."
CTRP closed at $24.69 a share on Friday.
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