Bank of America Merrill Lynch Sees Near 50% Upside In Priceline

Bank of America Merrill Lynch has a Buy rating and a $650 price target on shares of priceline.com PCLN, as it believes there was a rebound in May in hotel usage in Europe. In a note to clients, Bank of America Merrill Lynch writes, "With Priceline down 10%+ since reporting 1Q earnings, partially on European hotel market concerns and guidance that incorporated bookings deceleration in April, we are reiterating our BUY rating and $650 price objective as we are encouraged by May data that suggests a modest market rebound, which increases our confidence in our 2Q Priceline estimates." Shares of PCLN gained $28.83 yesterday to close at $487.61, a gain of 6.3%.