UPDATE: Benchmark Raises Price Target On Priceline.com Incorporated (PCLN)

Benchmark Capital is raising its price target on shares of Priceline.com Incorporated

to $660, and it has a Buy rating, due to soaring travel demand. In a note to clients, Benchmark writes, "We reiterate our Buy rating on Priceline (PCLN-Buy) and raise our 2011E EPS from $19.00 to $20.00 and price target from $570 to $660 as hotel demand metrics continue to show acceleration, especially overseas. Last week, Expedia reported 31% international revenue growth and 15% worldwide hotel room night growth. Priceline's leading position in the European and Asia/Pacific hotel markets should allow bookings to accelerate to a 50% rate. We expect Priceline's EPS report on Thursday will easily beat the consensus and the high end of guidance of $2.44. Our 1Q11 EPS estimate is now $2.58." Shares of PCLN are up $5.00 in pre-market trading to $552.01, a gain of 0.9%.