UPDATE: Deutsche Bank Reiterates Buy Rating, Lowers PT on Ctrip.com International Ltd. on 3Q Preview

In a report published Thursday, Deutsche Bank analyst Vivian Hao reiterated a Buy rating on

, but lowered the price target from $77.00 to $70.00. In the report, Deutsche Bank noted, “We expect Ctrip's core business lines such as hotel and air ticketing segment on track to deliver, with accelerated overseas expansion (CTRP deepened it partnership with Priceline in the qtr) and further lower tier new markets penetration. We expect hotel revenue to hit RMB889m (+46% YoY) in 3Q14. Transportation ticketing revenue is expected to come in at RMB850m (+41% YoY). In addition, we also see steady progress in new segments such as train/bus tickets, local attraction tickets and cruise lines (Ctrip officially announced its cruise line reservation platform in late Sep), etc. However, we do not expect meaningful revs generation from these new initiatives currently.” Ctrip.com International Ltd. closed on Wednesday at $58.57.