UPDATE: JP Capital Initiates Ctrip.com International at Neutral on Competitive Concerns

JP Capital initiated coverage on Ctrip.com International

with a Neutral rating and a $16.13 price target. JP Capital noted, "Ctrip is the largest travel service provider for hotels, airline tickets and packaged tours in China. They aggregate information on hotels and flights and enable their customers to make informed and cost-effective hotel and flight bookings. They also sell packaged tours that include transportation and accommodations as well as guided tours. While we like their position in the market, we are concerned that competition will continue to hurt pricing." Ctrip.com closed at $16.75 on Monday.