UPDATE: Deutsche Bank Initiates Buy, $35 PT on Kayak Software on Top Line Growth Outlook

Deutsche Bank initiated coverage on Kayak Software

with a Buy rating and a price target of $35 a share. Deutsche Bank noted, "Kayak is the dominant travel metasearch provider driving over 1 billion well monetized travel search queries annually. Kayak is well positioned to continue to show strong top line growth as marketing investment increases domestically and internationally, driving awareness and sustained query growth. International represents only 19% of revenue today, and international traffic levels suggest a large opportunity to improve its monetization outside the US. We also see Kayak improving monetization desktop and mobile, as it sees increasing uptake and adds new partners to its booking path option." Kayak Software closed at $29.37 on Monday.