Jefferies, Credit Suisse Analysts Still Bullish On Priceline Following Earnings

On Tuesday, Priceline Group Inc PCLN reported third-quarter EPS of $22.16 on revenue of $2.84 billion, beating both top and bottom line estimates.

Following the results, analysts at Jefferies and Credit Suisse commented on shares of Priceline.

Jefferies: Reiterate Buy rating; lower price target from $1,545 to $1,500.
Credit Suisse: Maintain Outperform rating; lower price target from $1,550 to $1,450.

Given that Priceline management offered conservative guidance, analysts at both firms have adjusted FY14 and FY15 estimates down slightly.

Analysts at both firms remain bullish on Priceline and feel the company’s gross bookings growth is a good indicator of the company’s trajectory.

Credit Suisse analyst Dean Prissman stated, “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.”

Shares of Priceline recently traded at $1,096.61, up 0.12 percent.