Piper Jaffray Raises PT To $600 On PCLN

Piper Jaffray, previewing Q1 results which are to be released on Thursday, has raised its price target on Priceline.com Inc.PCLN form $552 to $600 and maintains its Overweight rating on the stock. According to Piper Jaffray, “Priceline will report Q1 results on Thursday, 5/5, after market close. Based on our analysis of industry & web traffic data and currency fluctuations, we see potential for upside to Q1 consensus estimates. Priceline typically guides conservatively and we expect the Q2 outlook will be positive with a boost from favorable moves in foreign exchange. With currencies moving in the positive direction, we increase our FY11/FY12 PF EPS estimates to $18.99/$24.00 from $17.75/$22.10 previously. We maintain our Overweight rating and raise our price target to $600 based on our higher EPS estimates.” PCLN closed at $555.65 yesterday.