UPDATE: Stifel Nicolaus Upgrades Ctrip.com Following Strong 2Q13 Results

In a report published Thursday, Stifel Nicolaus analyst George Askew upgraded Ctrip.com CTRP from Hold to Buy, and named a $48.00 price target.

In the report, Stifel Nicolaus noted, “Ctrip delivered what we view as strong 2Q13 results and provided better-than-expected revenue guidance for 3Q13. We are upgrading the shares of Ctrip from Hold to Buy and establishing a $48.00 target price equal to an enterprise value / adjusted EBITDA multiple of 20.9x our new 2014 adjusted EBITDA estimate of $277 million. We believe the combination of mobile innovation, a renewed focus on distribution, and an industry tailwind in China with air passenger enplanements at a ten-quarter high support further appreciation in the shares.”

Ctrip.com closed on Wednesday at $36.60.