BofA Boosts Price Objective on Priceline.com from $1,300 to $1,400

Bank of America maintained a Buy rating on priceline.com

and raised its price objective from $1300 to $1400 after the company

Justin Post, analyst at Bank of America, is looking past lower than expected first quarter guidance due to the “Easter shift” and “natural business deceleration.” Lower margin guidance of 290 basis point contraction is due to “offline marketing as well as Easter shift,” says the analyst. Return on investment for online advertising continues to see pressure, but that pressure is less than in prior quarters. Shares opened at $1327, gapping above $1300 -- a price had proved to be a bit of resistance earlier in the week.