UPDATE: Jefferies Reiterates Buy Rating, Lowers PT on Priceline Group on Strong Quarter Despite Macro Concerns

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In a report published Wednesday, Jefferies analyst Brian Fitzgerald reiterated a Buy rating on

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Priceline Group

(NASDAQ: PCLN), but lowered the price target from $1,545.00 to $1,500.00.In the report, Jefferies noted, “Priceline reported another strong qtr with in-line top line and better than expected bottom line. All businesses (except the opaque channel) performed well and trends improved slightly in SE Asia. This time, however, mgmt sounded more conservative than usual on guidance, which again came in below Street expectations. We reiterate our Buy but lower PT to $1,500.”Priceline Group closed on Tuesday at $1,097.70.