Priceline (PCLN) PT Raised to $1320 at Evercore ISI

Evercore ISI analyst Ken Sena raised his price target on The Priceline Group (NASDAQ: PCLN) to $1,320.00 (from $1,230.00) following Q4 results but maintained a Hold rating.

Sena commented, "Priceline reported a better than expected fourth quarter with the beat largely attributed to a better travel macro environment on lower fuel / ticket prices and growth in their vacation rental business as concerns over the Paris attacks, global instability, Airbnb, and even Zika, proved largely overstated. Given the 4Q reacceleration, in addition to the better than expected 1Q topline guidance, we are raising our 2016 total room nights 8%, while total bookings and gross profit increase 3% each to $65.68bn (18% y/y, 21% x-FX) and $10.14bn (18% y/y), respectively, the latter aided by steady take rates again seen in the quarter. And, while further online ad expense deleverage is likely to continue, modest leverage shown in other Opex lines leads us to similarly increase 2016 Adj. EBITDA ~3% to $4.34bn (17% y/y or 42.7% of gross profit)."

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 $1110.68 yesterday.

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