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Priceline (NASDAQ: PCLN) shares reacted little to the company’s Q2 earnings report, but that did not stop Stifel Nicholas from putting a $1,600 price target on the stock (23.6 percent upside).
“In 2Q:14 it reported 33% y/y FX adj. growth in bookings and 29% y/y growth in hotel room nights which is particularly impressive in our view given the size and scale of the company’s operations,” wrote analyst Scott Devitt.
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The report also touched on the $2.6 billion acquisition of OpenTable. According to Devitt, cross selling will be very powerful, especially to bring OpenTable to Europe.
Like any stock, there are inherent risks. According to Stifel, these include the, “sustainability of key metric growth at such a large scale and the threat of new entrants such as TripAdvisor and Google into the hotel booking space.”
The $1,600 price target was derived with a DCF using 2.75 percent for perpetual growth coupled with an 11 percent discount rate.
Shares of Priceline were last trading at $1,287, down 0.54 percent.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.