UPDATE: Goldman Sachs Reiterates Buy on Priceline.com; Lowers PT from $860 to $760

Goldman Sachs maintained a Buy rating on Priceline.com

and lowered its price target from $860 to $760. Goldman Sachs commented, “Priceline's 2Q results came in below our forecasts though in-line with guidance. Though 3Q guidance was below consensus expectations (Exhibit 1), we believe it's likely this reset will be viewed similar to 1Q2010, the last time the company failed to exceed the high end of its guidance. With PCLN trading at approximately 16X 2013E EPS or less than 1X its expected five-year EPS CAGR of 20%, we continue to believe the risk/ reward in owning PCLN is favorable and maintain our Buy rating.” Priceline.com closed at $679.80 on Tuesday.