Priceline Group Inc
Merwin maintained an Overweight rating on Priceline, while raising the price target from $1,550 to $1,750. He raised the full-year EPS estimate from $63.78 to $64.29.
Solid Room Night Growth
The company achieved 29 percent
Priceline confirmed it had gained share in the US. The company’s strength in Europe and Asia should not to be overlooked, since International gross profit growth came in at 25 percent year-over-year, the analyst pointed out.
“Agoda showed accelerating growth in the quarter, and coupled with Kayak's expansion into Asia Pac, we think Priceline is very well positioned to benefit from the long-term structural growth of that market, which we think further extends the runway for 20%+ room night growth,” Merwin wrote. He added that the company exhibited better-than-expected advertising efficiency in Q3.
|Nov 2016||Cantor Fitzgerald||Maintains||Buy|
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