UPDATE: Piper Jaffray Lowers PT on Ctrip.com International

Piper Jaffray is out with its report today on Ctrip.com International CTRP, lowering its PT from $49 to $47. In its report, Piper Jaffray writes, "We are slightly lowering our PT to $47, on an unchanged multiple of 25x CY12E PF EPS. With the shares trading at ~$41 after hours, we maintain our OW rating." At the time of posting, shares of CTRP were trading pre-market at $41.65, down 7.40% from Monday's close.