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UPDATE: Bank of America Reiterates on Priceline.com Ahead of Expected Solid 3Q/4Q Report

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In a report published Tuesday, Bank of America analyst Justin Post reiterated a Buy rating on Priceline.com (NASDAQ: PCLN), and raised the price target from $1,060.00 to $1,220.00.

In the report, Bank of America noted, “Priceline reports on 11/7. We think the set-up for 3Q is positive given strong hotel additions on Booking.com, a 360bps easier y/y Int'l bookings growth comp, positive RevPAR commentary from hotel companies (Starwood, Hyatt, Accor, etc.), and positive read-across from Expedia 3Q results. We estimate rev./EPS of $2.23bn/$16.30 vs. the Street at $2.22bn/$16.24 driven by FX-neutral Int'l bookings est. of 37% y/y (guidance was 30-37%). Earnings beats have been smaller lately.”

Priceline.com closed on Monday at $1,070.57.

Latest Ratings for PCLN

DateFirmActionFromTo
Dec 2016CLSAInitiates Coverage OnBuy
Nov 2016Stifel NicolausUpgradesHoldBuy
Nov 2016Ascendiant CapitalMaintainsBuy

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Posted-In: Bank of America Justin PostAnalyst Color Price Target Analyst Ratings

 

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