Piper Jaffray Overweight On Ctrip.com International (CTRP)

Piper Jaffray has an Overweight rating and a $50 price target on shares of Ctrip.com International CTRP. In a note to clients, Piper Jaffray writes, "Air traffic growth (RPKs) from 3 top airlines in China (China Southern, Air China & Hainan Airlines) was +4% y/y in March, a deceleration from +5% y/y in February. For the full Q1, air traffic grew 7.2% y/y vs. +10.5% y/y in 4Q10. We continue to believe that Ctrip's +20% y/y revenue growth guidance for Q1 is conservative, but the company will not report as much revenue upside as it typically does. Separately, we are lowering our 1Q11 and 2Q11 GAAP EPS estimates each by $0.01 to $0.24 and $0.29, respectively, to reflect higher stock comp expense." Shares of CTRP gained 24 cents yesterday to close at $44.87, a gain of 0.5%.