UPDATE: Ascendiant Capital Markets Initiates Priceline.com at Buy on Growth Outlook

Ascendiant Capital Markets initiated coverage on Priceline.com (NASDAQ: PCLN) with a Buy rating and an $870.00 price target.

Ascendiant Capital Markets said, "Company's dominance of online hotel bookings growth likely to continue. We recommend the stock and believe its valuation will increase as it benefits from strong global growth in online travel. … We believe that by continuing its focus on its strength and leadership with international hotels, Priceline can deliver better value and services to its customers than its peers. Even with strong share price appreciation over the past year, we believe there is still significant upside to current share price."

Priceline.com closed at $704.98 on Tuesday.

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