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UPDATE: Morgan Keegan Raises Price Target on Priceline.com to $730

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According to Morgan Keegan, Priceline.com (NASDAQ: PCLN) price target is raised to $730.

Morgan Keegan said that Secular and cyclical tailwinds remain strong, as evidenced by +67% Y/Y int'l bookings growth (ex-F/X) and an acceleration in hotel night stays to +53% Y/Y. Share gains & new market growth should provide >28% bookings growth through 2014E, giving us confidence in the LT story. “Raise PT to $730 (22x '12E + net cash).”

Priceline.com closed yesterday at $590.41.

Posted-In: Morgan KeeganAnalyst Color Price Target Analyst Ratings

 

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