Goldman Sachs Ratchets Price Target and Estimates on priceline.com (PCLN) Higher

Goldman Sachs lifted estiamtes and its price target on priceline.com (NASDAQ: PCLN), while reiterating their Buy rating.

2011-2013 EPS estimates rise by 4%-14% to $19.65, $25.26, and $30.05. The price target goes from $525 to $600. This is the second highest price target on the Street, with only Citi higher at $610.

"We believe that Street expectations are too low and PCLN's multiple is not demanding," said analyst Ingrid Chung. "We increase our estimates for PCLN as we believe that the runway for growth is still long enough to drive at least 17% EPS CAGR from 2012-2015."

For more ratings news on priceline.com click here and for the rating history of priceline.com click here.

Shares of priceline.com closed at $508.86 yesterday.

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