UPDATE: Oppenheimer Lowers Ctrip.com's PT

According to a research report published this morning, Oppenheimer has lowered Ctrip.com's

PT from $34 to $30. Oppenheimer commented in the report, "CTRP reported 1Q results that were slightly above consensus but roughly in line with our estimates. While 1Q margins came in slightly above our expectations, management suggested margins may contract further in 2Q given its planned coupon program, higher S&M and product development spending. CTRP also guided to 2Q12 revenue growth of 15-20% y/y, implying net revenue of $148-155M, relative to our estimate of $154M and consensus of $157M. We're lowering our earnings estimate to reflect higher expense assumptions while keeping our sales estimates largely unchanged." Oppenheimer maintains its Outperform rating on Ctrip.com, which closed Friday at $18.91.