) with a Neutral rating and $44.00 price target. In the report, J.P. Morgan noted, “We initiate coverage on Ctrip with a Neutral rating and a Jun-14 PT of USD44. The intensive coupon-based price competition within China's OTA market has eased since late 2012. We believe Ctrip is likely to see continued margin improvement over the next few years, driven by: 1) a more benign competitive environment, and 2) increasing profitability of projects that are currently under incubation (e.g. Tujia, etc). 3) higher return of user acquisition cost of mobile users.” Ctrip.com International Ltd. closed on Thursday at $47.22.