UPDATE: Piper Jaffray Lowers PT on Ctrip.com

Piper Jaffray remains at a Neutral rating on Ctrip.com International CTRP and decreases its price target from $24 to $19. Piper Jaffray notes, “Ctrip announced a $300m buyback, signaling a belief that CTRP shares are undervaluing the company, but we continue to see decelerating growth trends based on initial May China air traffic data. The combined Apr/May data leads us to believe Ctrip will report at the low end of its 15-20% revenue guidance range for Q2. We are, therefore, lowering Q2 & CY12 estimates and our price target. We are favorable on the secular growth themes benefiting online travel in emerging markets, but believe Ctrip shares will be pressured by increasing competition and macro growth concerns. Elevated product and marketing spend is eroding 2012 margins.” CTRP closed at $16.47 yesterday.