UPDATE: Evercore Partners Raises PT to $570 on Priceline.com
Evercore Partners raises its price on Equal-weight rated Priceline.com (NASDAQ: PCLN) to $550, up $30, on higher profit contribution from faster-than-anticipated agency bookings.
Evercore Partners notes, "Our new target presumes that Priceline can trade at a 13.0x EV/EBITDA multiple on our 2012 EBITDA estimates, which is consistent with our 5-year EBITDA growth rate of 12% and within the company's historical multiple range. Although we do expect growth trends to remain strong for the foreseeable future, valuation keeps us on the sidelines. Moreover, we have some concern over growing SEO competition and rising costs per click."
PCLN closed at $591.54 yesterday.
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