UPDATE: Credit Suisse Reiterates Outperform Rating, Lowers PT on Priceline Group Following In-Line 3Q14 Results

In a report published Wednesday, Credit Suisse analyst Dean Prissman reiterated an Outperform rating on

, but lowered the price target from $1,550.00 to $1,450.00. In the report, Credit Suisse noted, “Our Outperform rating and thesis remain unchanged and are predicated on the expectation that PCLN will remain an open-ended growth story (as evidenced by 32% x-FX int'l bookings growth). We expect share gain momentum will continue as (1) scale, coupled with the fragmented EU hotel landscape, provides a structural moat around Booking; and (2) PCLN successfully exports its playbook globally. Our conviction is reinforced by work which suggests significant runway given PCLN's share of fillable rooms is ~7%” Priceline Group closed on Tuesday at $1,097.70.