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UPDATE: Deutsche Bank Downgrades Priceline.com to Hold, Lowers PT

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In a report published Monday, Deutsche Bank downgraded its rating on Priceline.com (NASDAQ: PCLN) to Hold, and lowered its price target from $800.00 to $710.00.

Deutsche Bank noted, “We've been firmly in the bull camp on PCLN since 2009, and our optimistic view is tempering on the margin in 2013. Shares remain attractively valued at 17.3x 2013 EPS, and we believe that Priceline could post a strong reacceleration in international bookings growth ex-fx in 4Q and could see less marketing deleverage than in 3Q12, hence we would continue to own shares into the upcoming print. But beyond 4Q12 results, we see a more challenging environment as a result of our ‘Cold War' thesis, and don't expect PCLN's multiple to expand.”

Priceline.com closed on Friday at $659.10.

Latest Ratings for PCLN

DateFirmActionFromTo
Sep 2014Evercore PartnersDowngradesOverweightEqual-weight
Aug 2014Stifel NicolausInitiates Coverage onBuy
Aug 2014Credit SuisseMaintainsOutperform

View More Analyst Ratings for PCLN
View the Latest Analyst Ratings

Posted-In: Deutsche BankAnalyst Color Downgrades Analyst Ratings

 

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