UPDATE: Deutsche Bank Reduces PT to $675 on Priceline.com on Weak Guidance
Deutsche Bank reiterated its Buy rating on Priceline.com (NASDAQ: PCLN) but lowered its price target from $713 to $675.
Deutsche Bank said, "Guidance reflects deterioration in Europe and a lot of conservatism - We see the selloff in Priceline shares after hours ($573 per FactSet) as largely overdone, as guidance for a deteriorating travel environment appears overly conservative vs commentary elsewhere in travel and online markets. While European travel (~60% of PCLN room nights) previously appeared concentrated in pockets in Southern Europe, mgmt noted (1) seeing softening ADR and demand trends and (2) a spread in weakness to other countries, most notably in the UK. "
Priceline.com closed at $679.80 on Tuesday.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.