UPDATE: JG Capital Reiterates Overweight Rating, Raises PT on Priceline.com on Strong Q4:12 Results & Guidance
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.
Latest Ratings for PCLN
|Sep 2014||Evercore Partners||Downgrades||Overweight||Equal-weight|
|Aug 2014||Stifel Nicolaus||Initiates Coverage on||Buy|
|Aug 2014||Credit Suisse||Maintains||Outperform|
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