JP Morgan: After Its Huge Beat Yesterday, Priceline Is Still A Screaming Buy

Priceline

Yesterday Priceline delivered a beat and its stock soared, which was especially striking considering the huge crash in the broader market yesterday.

This morning JP Morgan has a note out reiterating its “overweight” rating on the stock and upping its price target to $682 from $610. 

The reason? Bascially, international growth is torrid for Priceline. 

Basically everything is growing for Priceline’s international sites like Booking.com, Agoda and TravelJigsaw.

“[M]ost key operating metrics including rental days, airline tickets, and Booking.com hotel inventory growth accelerated. While Booking.com in Europe is not growing bookings as fast as the company overall, we believe European growth remains strong and there is more room for both market share gains and hotel inventory expansion.”

What’s more, Priceline’s guidance is probably a bit on the conservative side because management seems to be worried about the economy. 

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