UPDATE: Piper Jaffray Lowers PT on Priceline.com from $811 to $675
Piper Jaffray maintained an Overweight rating on Priceline.com (NASDAQ: PCLN) and lowered its price target from $811 to $675.
Piper Jaffray wrote, “While we do believe Q3 guidance is likely overly conservative, there is no question that intl bookings growth is being more significantly impacted by macro slowness vs. what we had expected after aggregating industry and competitive company data points throughout Q2. We are lowering our FY12 FX-neutral intl bookings growth assumptions from 50% y/y to 37% y/y and FY13 from 32% y/y to 24% y/y.”
Priceline.com closed at $679.80 on Tuesday.
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