Investment analysts at JPMorgan Chase (NYSE: JPM) cut their target price on shares of Priceline (NASDAQ: PCLN) to $770.00 in a note issued to investors on Wednesday. The firm currently has an “overweight” rating on the stock.
The analysts wrote, “In 2012, we forecast Priceline to generate over 80% of its bookings from international markets, and over 60% of total bookings to come from Europe. European sovereign debt concerns have been escalating since Priceline reported 1Q earnings, reflected in the decline in the Euro FX rate. Though it is not yet clear if the travel market has started to see any additional negative impact from worsening macro environment in Europe, we note that Priceline reported some weakness in Southern Europe with slowing ADR growth in the region.”
Priceline traded up 2.38% on Wednesday, hitting $634.60. Priceline has a 52-week low of $411.26 and a 52-week high of $774.96. The company has a market cap of $31.599 billion and a price-to-earnings ratio of 28.03.
Priceline last posted its quarterly earnings results on Wednesday, May 9th. The company reported $4.28 EPS for the quarter, beating the Thomson Reuters consensus estimate of $3.98 by $0.30. Priceline’s revenue was up 28.1% compared to the same quarter last year. On average, analysts predict that Priceline will post $13.03 earnings per share next quarter.
PCLN has been the subject of a number of other recent research reports. Analysts at Zacks upgraded shares of Priceline from a “neutral” rating to an “outperform” rating in a research note to investors on Monday, May 14th. They now have a $810.00 price target on the stock. Separately, analysts at Credit Suisse (NYSE: CS) reiterated an “outperform” rating on shares of Priceline in a research note to investors on Thursday, May 10th. Finally, analysts at Piper Jaffray (NYSE: PJC) raised their price target on shares of Priceline to $881.00 in a research note to investors on Thursday, May 10th.
priceline.com Incorporated is an online travel company that offers its customers hotel room reservations at over 210,000 hotels worldwide through the Booking.