UPDATE: Piper Jaffray Raises PT to $800 on Priceline.com in International Bookings Growth

Piper Jaffray maintained Priceline.com

with an Overweight rating and raised the price target from $756.00 to $800.00. Piper Jaffray said, "As expected, Priceline offered strong Q1 bookings guidance (well above consensus), but the EPS outlook is slightly below consensus (at the midpoint) due to increased ad spend. We believe this high degree of marketing spend will prove to be a prudent investment as Priceline grows its footprint in the midst of an underlying tailwind from the shift of bookings from offline-to-online. … We are raising our FY13 FX-neutral intl bookings growth assumptions from 25% y/y to 30% y/y. We continue to believe Priceline can achieve multi-year PF EPS growth in the >20% range." Priceline.com closed at $678.49 on Tuesday.