UPDATE: Cantor Fitzgerald Initiates Coverage on Priceline.com with Buy Rating, $740 PT

In a report published Friday, Cantor Fitzgerald initiated coverage on Priceline.com PCLN with a Buy rating and $740.00 price target. Cantor Fitzgerald noted, “We are initiating coverage of Priceline.com Inc. with a BUY rating and $740 price target. While the stock has recovered somewhat from a ~15% dip post-earnings, it's already pricing in lowered growth expectations, we believe. Our positive view on the stock reflects the strong underlying fundamentals, high exposure to larger/faster-growth international markets, continued market share gains, and expectations for a pick-up when the macro-headwinds abate.” Priceline.com closed on Thursday at $640.73.