UPDATE: Deutsche Bank Reiterates Hold Rating, Raises PT on Ctrip.com International

In a report published Friday, Deutsche Bank reiterated its Hold rating on Ctrip.com International (NASDAQ: CTRP), and slightly raised its price target from $15.83 to $16.60.

Deutsche Bank noted, “We believe both Ctrip and eLong have scaled back coupon offerings following fierce competition in July. We believe the coupon competition has reduced its marginal return and forced eLong to re-evaluate its customer acquisition strategy. We expect both companies to maintain a lower level of coupons in coming quarters. Although the competition among the two will definitely continue, Ctrip's relative advantage in areas such as brand equity could lead to cost savings and margin improvement in the near future.”

Ctrip.com International closed on Thursday at $17.30.

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