Market Overview

UPDATE: JG Capital Reiterates Overweight Rating, Raises PT on Priceline.com on Strong Q4:12 Results & Guidance

Related PCLN
TripAdvisor Misses Q2 Earnings on Higher Marketing Expenses
NASDAQ Sees Selloff After Recent Bull Run
Wall Street Set for Weekly Drop Amid Iraq Worries (Fox Business)

In a report published Wednesday, JG Capital reiterated its Overweight rating on Priceline.com (NASDAQ: PCLN), and raised its price target to $800.00.

JG Capital noted, “For Q4:12, Sales increased 20% y/y to $1.19B, in-line with our estimate of $1.2B. Non-GAAP net income rose 26% to $349M or $6.77 a share, above our and consensus of est $6.53. Gross bookings grew 33% y/y to $6.6B, accelerating from 25% in Q3, driven by strong international bookings, up 40% y/y (43% in cc), while domestic was up 4% y/y. Gross bookings accelerated q/q due to a slight increase in room night growth and a reduced FX headwinds. Hotel room growth was up 38% y/y, rental car days were up 37% y/y and plane tickets were up 2% y/y. Room night growth rates in Europe held up better than expected and seasonal strength in fast growing APAC and South American markets are bolstering growth. Adjusted EBITDA was $426M, above guidance of $381-421M.”

Priceline.com closed on Tuesday at $678.49.

Posted-In: JG CapitalAnalyst Color Price Target Analyst Ratings

 

Most Popular

Related Articles (PCLN)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters