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

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JP Morgan maintains its Overweight rating on Priceline.com (NASDAQ: PCLN) 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.

Latest Ratings for PCLN

DateFirmActionFromTo
Sep 2014Evercore PartnersDowngradesOverweightEqual-weight
Aug 2014Stifel NicolausInitiates Coverage onBuy
Aug 2014Credit SuisseMaintainsOutperform

View More Analyst Ratings for PCLN
View the Latest Analyst Ratings

Posted-In: JP MorganAnalyst Color Price Target Reiteration Intraday Update Analyst Ratings

 

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