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UPDATE: Deutsche Bank Reiterates On On Solidified Partnership With PLCN

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In a report published Thursday, Deutsche Bank analyst Vivian Hao reiterated a Buy rating on (NASDAQ: CTRP), and raised the price target from $73.00 to $80.00.

In the report, Deutsche Bank noted, “Ctrip and Priceline announced today an extended partnership (previously, in Aug 2012, the two forged a arms-length agreement under which Ctrip users can access's global portfolio of over 235,000 participating hotels through Ctrip's platform). The two will 1) open up significantly enlarged complimentary hotel inventory mutually and 2) enjoy member only preferential price mutually and 3) cross-promote each other's related travel services, such as OpenTable and car rental. For this new partnership, Priceline can take up to a 10% stake in Ctrip (USD500m private CB placement+ open-market share purchase over the next 12mths). Ctrip mgmt indicated the conversion price for this tranche of CB is over $80 (vs $78.4 for the last CB offering in Oct 2013). As such, maximum dilution to current shareholders will be limited to ~5%.” closed on Wednesday at $60.45.

Latest Ratings for CTRP

Oct 2015Bank of AmericaUpgradesNeutralBuy
Sep 2015OppenheimerMaintainsOutperform
Aug 2015Stifel NicolausUpgradesHoldBuy

View More Analyst Ratings for CTRP
View the Latest Analyst Ratings

Posted-In: Deutsche Bank Vivian HaoAnalyst Color Price Target Analyst Ratings


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