Priceline’s stock is up 9% this morning following good earnings, with strong guidance last night.Wall Street analysts are going nuts for the company, raising price targets left and right.
Here’s a few wrap ups from analysts:
JP Morgan raised its price target to $496 up from $484. Here’s the analyst’s thinking: “Priceline currently trades at 27x our F’11 EPS vs. the peer group average of 27x. As we are modelling 54% Y/Y EPS growth, we think a premium is justified.”
Canaccord Genuity analyst Heath Terry raised his price target to $495. In his report, he said, “We continue to believe that Priceline is the best positioned of the online travel agents, and that, combined with powerful secular and cyclical growth, will drive continued outperformance in shares of the stock.”
Citi analyst Mark Mahaney raised his price target to $574, up from $540. Here’s his snippet: “March quarter guidance came in above Street on bookings, although stepped-up international investments kept the EBITDA outlook generally in line with the Street.”