UPDATE: Deutsche Bank Downgrades Priceline.com to Hold, Lowers PT

In a report published Monday, Deutsche Bank downgraded its rating on Priceline.com

to Hold, and lowered its price target from $800.00 to $710.00. Deutsche Bank noted, “We've been firmly in the bull camp on PCLN since 2009, and our optimistic view is tempering on the margin in 2013. Shares remain attractively valued at 17.3x 2013 EPS, and we believe that Priceline could post a strong reacceleration in international bookings growth ex-fx in 4Q and could see less marketing deleverage than in 3Q12, hence we would continue to own shares into the upcoming print. But beyond 4Q12 results, we see a more challenging environment as a result of our ‘Cold War' thesis, and don't expect PCLN's multiple to expand.” Priceline.com closed on Friday at $659.10.