UPDATE: Goldman Sachs Reiterates Buy Rating, Raises PT on Priceline.com Following 2Q Bookings Growth Report

In a report published Friday, Goldman Sachs analyst Heath P. Terry reiterated a Buy rating on Priceline.com PCLN, and raised the price target from $985.00 to $1,200.00. In the report, Goldman Sachs noted, “Priceline reported 2Q gross bookings growth of +38% yoy vs. consensus of +36% and +36% in 1Q. Non-GAAP EPS of $9.70 was above consensus of $9.38 and guidance of $8.87-$9.45. Int'l ex-FX gross bookings growth of +44% (400bps ahead of consensus) accelerated 100bps from 1Q on a stable Europe and strong APAC. The company guided 3Q13 results in line with consensus, which, given their typically conservative posture, we would view as constructive. With accelerating growth, a more benign macro environment, and the stock trading in line with the group despite faster growth, we believe the risk/reward in owning PCLN remains favorable.” Priceline.com closed on Thursday at $933.75.