UPDATE: Morgan Keegan Raises PT on Priceline from $674 to $685

Morgan Keegan has published a report o Priceline.com PCLN raising the price target to $685. In the report, Morgan Keegan wrote, "Priceline's Int'l strength and fastest pace of growth in hotel additions over the past 3 years helped quell fears of slowing organic growth. Macro uncertainties are high but Priceline is defying pressures with 1) improved inventory and 2) market share gains, giving us confidence material EPS growth will continue. Maintain Outperform and raise PT to $685 (23.5x '12E + net cash/investments)." Morgan Keegan rated Priceline.com an Outperform with a price target raised from $674 to $685. Priceline.com closed Thursday at $483.34.