Priceline.com Inc. (NASDAQ: PCLN) is hitting yet another year high after beating earnings, raising estimates, and calling for continued strength and growth in its domestic and international bookings. While shares are up over 7% at $634.00, we could not help but notice some key price changes from Wall Street analysts today. Some of these seem hard to fathom after the 40% gain we have seen in recent weeks, but here are some of the price targets raised from analysts:
- Benchmark raised its target to $692 from $638;
- Citibank raised its target to $850 from $700;
- Credit Suisse raised its target to $790 from $710;
- Stifel Nicolaus raised its target to $750 from $555.
Valuation is causing some concern at one research firm. S&P Capital IQ downgraded Priceline to Hold from Buy based on excessive share gains and on its valuation versus prospects for more growth. The prior 52-week range was $411.26 to $597.00 and this stock is almost at its all-time high from the dot-com bubble. Priceline now has a market cap of $31.6 billion.
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