Priceline Price Target Increased to $875.00 by Analysts at Ascendiant Capital Markets (PCLN)
Priceline (NASDAQ: PCLN) had its price target upped by Ascendiant Capital Markets from $870.00 to $875.00 in a research note released on Wednesday morning. They currently have a buy rating on the stock.
“Maintaining our BUY rating but raising our 12-month price target to $875 from $870, which reflects a forward P/E of 23x our 2013 EPS estimate of $38.10. This P/E multiple is in line with the peer group median of 23x for online travel companies to reflect our expectations for Priceline to grow earnings at least in line with the rate of its peers over the next several years. We believe this also appropriately balances out the company’s risks with the company’s high growth prospects.,” Ascendiant Capital Markets’ analyst commented.
A number of other firms have also recently commented on PCLN. Analysts at Cantor Fitzgerald raised their price target on shares of Priceline from $750.00 to $800.00 in a research note to investors on Wednesday. They now have a buy rating on the stock. Separately, analysts at Benchmark Co. raised their price target on shares of Priceline from $750.00 to $800.00 in a research note to investors on Wednesday. They now have a buy rating on the stock. Finally, analysts at Piper Jaffray reiterated an overweight rating on shares of Priceline in a research note to investors on Tuesday. They now have a $756.00 price target on the stock.
Fifteen equities research analysts have rated the stock with a buy rating, two have assigned an overweight rating, and eight have assigned a hold rating to the company. Priceline presently has an average rating of overweight and an average price target of $805.05.
Priceline opened at 689.114 on Wednesday. Priceline has a 1-year low of $553.42 and a 1-year high of $774.96. The stock’s 50-day moving average is currently $685.9. The company has a market cap of $40.007 billion and a price-to-earnings ratio of 24.91.
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