UPDATE: Credit Suisse Reduces PT to $820 on Priceline.com on FX Pressure

Credit Suisse reiterated its Outperform rating on Priceline.com

on positive fundamentals but reduced its price target slightly from $822 to $820 on FX pressure. Credit Suisse commented, "We maintain our Outperform rating on PCLN shares and modestly raise our FX-neutral Int'l booking growth expectation to 47% versus guidance 41-46% on better-than-expected hotel inventory growth and EU ADRs, offset by FX. With volume continuing to account for the vast majority of PCLN's GTB growth, our share gain investment thesis remains unchanged and we remain buyers." Priceline.com closed at $655.68 on Wednesday.