UPDATE: Morgan Stanley Raises PT to $725 on Priceline.com
Morgan Stanley reiterates its Overweight rating on Priceline.com (NASDAQ: PCLN) and raises its price target from $670 to $725 on increased confidence of continued performance.
Morgan Stanley notes, "Priceline continues to outshine competition, posting Q4 hotel room-night growth of +53% Y/Y (~3x faster than Expedia). We are incrementally positive on Priceline's ability to maintain its strong growth momentum through weak European economic conditions and raise our price target to $725 from $670."
PCLN closed at $591.54 a share on Monday.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.