Piper Jaffray’s European Travel Update (EXPE, OWW, PCLN)

Piper Jaffray is out with a research report this morning, where it takes a look at the recent revPAR data in Europe and what it means for a few U.S. equities. The PJ analysts noted that the pace of RevPAR improvement among European hotels was steady (vs. June) at +14% year or year in July despite a more difficult year over year comparison. They also noted that air traffic growth held steady at +6% year over year in July from June, despite July being this year's most difficult year over year comparison (+9% y/y in July 2009). Web traffic growth for July slowed modestly from June across the board, with Priceline's PCLN booking.com up 32% y/y, Expedia Inc. EXPE up 24% y/y and Orbitz Worldwide OWW down 1% y/y. The analysts reiterated their overweight ratings on PCLN and EXPE