UPDATE: Deutsche Bank Upgrades Ctrip.com International Ltd. to Buy, Raises PT on Emerging Market Leader Position

In a report published Wednesday, Deutsche Bank analyst Vivian Hao upgraded the rating on

from Hold to Buy, and raised the price target from $35.20 to $65.00. In the report, Deutsche Bank noted, “Emerging as a clear leader in mobile. Recent channel checks suggest strong travel booking volumes going into the peak 3Q season. In particular, hotel volume momentum is set to continue, thanks to mobile growth and the resumption key cooperations around the Mid- Autumn Festival. We believe CTRP is rapidly emerging as a clear travel solution leader in mobile, aided by founder James Liang's return. As such, despite intensifying competition, we expect Ctrip revenue/earnings growth to reaccelerate instead of decelerating as the market expects.” Ctrip.com International Ltd. closed on Tuesday at $51.36.