UPDATE: Ascendiant Capital Markets Reiterates Buy Rating, Raises PT on Priceline.com on Strong Q4 Results, Q1 Guidance

In a report published Wednesday, Ascendiant Capital Markets reiterated its Buy rating on Priceline.com PCLN, and raised its price target from $870.00 to $875.00. Ascendiant Capital Markets noted, “Maintaining our BUY rating but raising our 12-month price target to $875 from $870, which reflects a forward P/E of 23x our 2013 EPS estimate of $38.10. This P/E multiple is in line with the peer group median of 23x for online travel companies to reflect our expectations for Priceline to grow earnings at least in line with the rate of its peers over the next several years. We believe this also appropriately balances out the company's risks with the company's high growth prospects.” Priceline.com closed on Tuesday at $678.49.