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UPDATE: Deutsche Bank Downgrades Kayak Software to Hold, Raises PT

In a report published Friday, Deutsche Bank downgraded its rating on Kayak Software Corp. (NASDAQ: KYAK) to Hold, but raised its price target from $37.00 to $40.00.

Deutsche Bank noted, “Yesterday after the close KAYAK agreed to be acquired by Priceline.com for $40 per share in cash/stock, a 29% premium valuing KAYAK at $1.8B ($1.6B net of cash), and above our $37 price target. As a result, we are lowering our rating to a Hold. We believe the deal helps KAYAK with two big initiatives: 1) it puts Priceline in the booking path and 2) helps with international expansion. Furthermore, we believe there are significant revenue synergies between the two companies.”

Kayak Software Corp. closed on Thursday at $31.04.

Latest Ratings for KYAK

DateFirmActionFromTo
Nov 2012Deutsche BankDowngradesBuyHold
Aug 2012Deutsche BankInitiates Coverage onBuy
Aug 2012Piper JaffrayInitiates Coverage onNeutral

View More Analyst Ratings for KYAK
View the Latest Analyst Ratings

Posted-In: Deutsche BankAnalyst Color Downgrades Analyst Ratings

 

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