UPDATE: Jefferies Reiterates Buy Rating, Raises PT on Priceline Group Following Solid Results

In a report published Tuesday, Jefferies analyst Brian Fitzgerald reiterated a Buy rating on Priceline Group PCLN, and raised the price target from $1,500.00 to $1,545.00. In the report, Jefferies noted, “Priceline reported another strong qtr with in-line top line and better than expected bottom line. With typical conservatism, mgmt guided below Street as investments for growth continue (online/offline adv, OpenTable and hotel marketing). All businesses performed well despite headwinds for Agoda (civil unrest in SE Asia) and the opaque channel (low inventory). Unit growth decelerated but remained strong in all categories. We reit our Buy and raise PT to $1,545.” Priceline Group closed on Monday at $1,309.28.