Piper Jaffray Maintains Overweight on Ctrip.com International

Piper Jaffray is out with its report today on Ctrip.com International CTRP, maintaining Overweight. In a note to clients, Piper Jaffray writes, "Air traffic growth from 2 major airlines in China was +12% y/y in May, an acceleration from the +9% y/y in April and the +7% y/y in full Q1. We continue to believe Ctrip's +15-20% y/y net revenue growth guidance for Q2 is conservative. Consensus estimates are above guidance; we are modeling for revenue ~5% above consensus for Q2 at $133.7m. Maintain Overweight. Our $49 price target is based on 25x CY12E PF EPS of $1.95, in line with our 3-year growth expectation for CTRP." Shares of CTRP closed Monday at $40.15, down 0.89% from Friday's close.