UPDATE: Barclays Lowers PT on Ctrip.com

In a report published earlier today, Barclays reiterates a Underweight rating on Ctrip.com International (NASDAQ: CTRP) and decreases its price target from $23 to $21.

Barclays commented, “Although we consider the valuation very attractive at current levels (prompting, in our view, the company to announce a share buyback), we believe the operating environment (macro and competition) remains challenging and pricing competition seems more intense. We maintain our 3-UW rating and adjust our price target to US$21 (from US$23), based on 18x (unchanged) revised 2012E estimates of US$1.15 (from $1.25).”

CTRP closed at $16.47 on Wednesday.

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