Priceline.com

Priceline.com (PCLN) has rebounded very nicely after taking a dip last year in the weak economy. The company's share price has more than doubled in the last 6 months, helped by strong first-quarter results, reported on May 11.

First-Quarter Results

Sales were up 15% from last year to $462.1 million. Earnings came in at 86 cents, 13 cents ahead of the consensus. It was the third consecutive surprise for the company.

Priceline was well positioned to partially benefit from the weak economy as bargain-hungry consumers hunted for travel savings. Analysts continue to be bullish on the company, with earnings projections heading higher.

Estimates Rising

The current year is up 32 cents in the last 2 months to $5.87 per share.

Valuation

Based upon this earnings projection, this stock has a P/E multiple of almost 20X, a premium to the overall market. The next-year estimate is projecting 12% earnings growth.

The Chart

Shares of PCLN have made an impressive rebound from last year's low, rallying from just above $44 in October to a recent high above $118. Take a look below.

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Read the full analyst report on PCLN