Benzinga Breakfast Notes: Jefferies Lowers Priceline Price Target From $1,545 To $1,500
Highlights from Jefferies' note on Priceline Group Inc (NASDAQ: PCLN):
1. Booking.com continued gaining market share while SE Asia recovered slightly.
2. Mgmt highlighted strong growth in North Asia and solid performance from Priceline.com and Rentalcars.com.
3. Guidance came in below Street expectations on headwinds in the opaque and International channels.
4. Jefferies is fine-tuning their model to reflect Q3 results and new guidance.
5. We continue to expect margin improvement in FY15 as new initiatives start to scale and investments begin to pay off.
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