Piper Jaffray performed its 2nd survey of paid search advertising placement for hotels on local search engines in 63 countries around the world, which showed that 91% of searches in developing countries had at least one advertisement for a Priceline PCLN owned site, up from 82% of searches in its last survey.
Over the next few years, the highest growth potential for OTAs will be outside of US & Europe
and our survey suggests Priceline is positioning itself to be a beneficiary of this growth. PCLN remains our top pick among OTAs given we believe earnings growth of ~30% annually is achievable over the next several years.
Piper Jaffray has a $471 PT and Overweight rating on PCLN
PCLN is trading higher at $406.04
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