Janney Capital Raises Price Target on The Priceline Group (PCLN) Following 2Q Results

Janney Capital reiterated a Neutral rating on The Priceline Group (NASDAQ: PCLN), and raised the price target to $1,200.00 (from $1,090.00), following the company's 2Q earnings report. PCLN reported 2Q15 revenue of $2.28B and adjusted EBITDA of $805M, compared to expectations for $2.27B and $774M.

Analyst Brian McGill commented, "We maintain our NEUTRAL on shares of PCLN because we believe there is a risk the company's growth rate will slow faster than expected due to issues with the European hotel business. We also think the business will be hurt by a maturing hotel market, limited opportunities to add valuable properties, actions by hoteliers and intensifying competition. Our fair value is $1,200 (from $1,090) which is 15x our 2016 EBITDA."

For an analyst ratings summary and ratings history on The Priceline Group click here. For more ratings news on The Priceline Group click here.

Shares of The Priceline Group closed at $1317.35 yesterday.

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