Goldman Raises Estimates And Price Target For Priceline.com

Priceline.com, Inc. PCLN beat adjusted EPS estimates from Goldman Sachs by 5% and 17%, respectively, and 3Q guidance is significantly higher than prior consensus estimates. 3Q guidance is at $4.88 over Goldman's estimate of $4.17, with 2Q gross bookings $3.41B (+43%), revenue $767M (+27%), operating income $196M (+55%), and EPS $3.09 (+53%) are compared to Goldman's $3.21B, $731M, $169M, and $2.63 estimates. Goldman maintains its "buy" rating, stating Priceline.com is one of the best secular growth stories in Internet. Goldman has raised the price target for Priceline.com from $240 to $320. Priceline.com, Inc. closed yesterday at $230.67.