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Priceline.com Downgraded
We are downgrading Priceline.com (PCLN - Analyst Report) from Hold to Sell. In our opinion, the stock's recent move from the high $40s to about $80 (a rally of ~65%) should be sold.
Recall that the company indicated that it began experiencing an accelerated deterioration in European travel in the third quarter. Global economic conditions have not improved since that time, and Zacks Investment Research believes the global slowdown will accelerate in 2009.
As a result, the headwinds impacting the online travel-related services market will persist, and that will pressure Priceline.com's results. We think the stock should trade around $60, which is a more reasonable multiple of 16x our 2009 EPS estimate and 10x our 2009 pro forma EPS estimate.
Read the full analyst report on PCLN
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| Market Summary | Feb 09, 2010 23:16 pm ET |
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