UPDATE: Goldman Sachs Upgrades Priceline To Conviction List On Long Term Competitive Advantages

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In a report published Wednesday, Goldman Sachs analyst Heath Terry upgraded Priceline.com
PCLN
from a Buy rating to their Conviction List and raised the price target from $1,260 to $1,500. In the report, Goldman Sachs says "We are adding Priceline to the Conviction List and raising our 12-month price target to $1,500 from $1,260. We see increasing upside potential to our already above consensus estimates as we see Priceline benefiting from a European recovery, mobile traffic growth, and increasing economies of scale, particularly in customer acquisition. Priceline's mobile footprint, geographic mix, and critical mass of hotel relationships should continue to drive considerable long term competitive advantages. With the stock trading at a discount to the sector on a growth relative basis, we believe that PCLN offers one of the most compelling risk/reward scenarios in our internet coverage." Priceline closed on Tuesday at $1,118.42
Posted In: Analyst ColorUpgradesAnalyst RatingsGoldman SachsHeath Terry
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