UPDATE: J.P. Morgan Color On PCLN 4Q

J.P. Morgan, which raised its PT on shares of priceline.com Incorporated PCLN, J.P. Morgan is providing some color on the stock. “4Q international gross bookings grew 71% ex FX, beating our estimate of 62% growth and above the top end of guidance at 63%,” J.P. Morgan writes. “The outperformance was driven by strong results from the hotel business (which saw a 51% increase in worldwide room nights booked), along with a 3% increase in ADRs. “Additionally, TravelJigsaw contributed $55M in gross bookings during the quarter. We believe Priceline's int'l business will continue to see strong growth, and remains core to our Overweight thesis. The company introduced 1Q int'l Y/Y local currency growth guidance of 66%-71%, well ahead of our 40% incoming estimate. “As such, we are raising our F'11 int'l gross bookings estimate to $14.1B, from $13.0B previously.” priceline.com Incorporated closed Wednesday at $425.99.