UPDATE: JP Morgan Lowers PT to $770 on Priceline.com on International Leverage

JP Morgan maintains its Overweight rating on Priceline.com

but cuts its price target from $810 to $770. JP Morgan comments, "In 2012, we forecast Priceline to generate over 80% of its bookings from international markets, and over 60% of total bookings to come from Europe. European sovereign debt concerns have been escalating since Priceline reported 1Q earnings, reflected in the decline in the Euro FX rate. Though it is not yet clear if the travel market has started to see any additional negative impact from worsening macro environment in Europe, we note that Priceline reported some weakness in Southern Europe with slowing ADR growth in the region." PCLN closed at $619.83 on Tuesday.