Priceline.com 3Q10 Well Ahead Of Expectations, Benchmark Reports

Priceline.com Inc. PCLN reported 3Q10 results and 4Q10 guidance which were well ahead of expectations, Benchmark reports. 3Q10 gross bookings improved 47% y/y, driven by 67% y/y international bookings growth. “Net revenue was $1 billion, up 37% y/y, above the high-end of guidance and consensus at $974 million,” Benchmark writes. “Proforma EBITDA jumped 61% to $363 million. Proforma EPS was $5.33, topping consensus at $4.97 and our estimate of $5.05.” Priceline.com, which has a Buy rating and a price target of $466, currently trades at $388.58.