UPDATE: Morgan Stanley Comments on Priceline Amid Qtr. Figures, Boosts Target to $1,450

Morgan Stanley maintains an Overweight rating on priceline.com PCLN following fourth quarter results Thursday afternoon. The price target was raised from $1,320 to $1,450. Scott Devitt, analyst at Morgan Stanley, believes “Priceline can outperform consensus estimates...posting strong organic international bookings growth” as “fears of margin degradation dissipate.” Devitt is not concerned over light international booking growth guidance of 25-35 percent year over year. However, soft softness in gross profit guidance of 22-32 percent was below the analyst's expectations. Devitt attributes the guidance to the “Easter shift to 2Q:14 and typical conservatism on decelerating growth rates due to scale.” Shares of Priceline are up 2.8 percent from Thursday's close, trading at $1,319. Devitt's $1,450 price target is 9 percent above price at last check.