Zacks Investment Research upgraded shares of Priceline.com (PCLN) from NEUTRAL to OUTPERFORM on May 14, 2012, with a target price of $810.00.
Priceline.com is one of the leading online travel companies in the world. Priceline's first quarter earnings easily beat the Zacks Consensus and given the strength in bookings, forward guidance was also encouraging. Management expects continued strength in bookings, with international growing much faster than domestic. The secular growth trend in the online travel space, Priceline's own business momentum, international growth opportunities, good execution, prudent marketing strategy and strong financial position are likely to drive upside to the shares. While occupancy tax-related litigation remains an overhang, it is likely to have the same impact on all peers. Therefore, despite the slight concern regarding Europe, we see upside to the shares. We are therefore upgrading the shares from Neutral to Outperform.
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