UPDATE: Stifel Nicolaus Increases Target to $750 on Priceline.com

Stifel Nicolaus raises its price target on Buy-rated Priceline.com PCLN to $750 from $555 on excellent Q4 results. Stifel Nicolaus says, "Priceline reported another excellent quarter with 4Q11 gross bookings up 52%, revenue up 36%, gross profit up 52% (more relevant than revenue) and adjusted EBITDA up 54%. The Priceline story is about virtuous cycle and sustained momentum. We believe the virtuous cycle creates a network effect where by Priceline procures more inventory and compelling deals to delight customers and keep them coming back." PCLN closed at $591.54 yesterday.