UPDATE: Oppenheimer Cuts Target to $34 on Ctrip.com International

Oppenheimer cuts its target on Outperform-rated Ctrip.com International 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.