UPDATE: Deutsche Bank Raises PT on Priceline.com Following Gross Profit/EPS Report, 3Q13 Guidance

In a report published Friday, Deutsche Bank analyst Ross Sandler reiterated a Buy rating on Priceline.com PCLN, and raised the price target from $980.00 to $1,120.00.

In the report, Deutsche Bank noted, “Priceline reported gross profit and EPS 3% above our estimates, fueled again by strong growth in international hotel. More importantly, the 3Q13 guidance implies an improving trajectory for EBITDA margin, which could approach flat Y/Y in the quarter for the first time in a year, and would help fuel multiple expansion. PCLN is executing better than most companies in the broader Internet sector, and its ~30% EPS growth vs. a 18x P/E, remains one of the most attractive risk/rewards. We have increased our 2014 EPS by 3%. Buy.”

Priceline.com closed on Thursday at $933.75.