UPDATE: Piper Jaffray Reiterates Neutral Rating, Raises PT on Ctrip.com International

In a report published Friday, Piper Jaffray reiterated its Neutral rating on Ctrip.com International

, and raised its price target from $20.00 to $23.00. Piper Jaffray noted, “We remain Neutral on CTRP shares after the company reported Q4 top and bottomline upside. Ctrip guided to Q1 net revenue growth of 15-20%, in-line with our previous 17% y/y estimate. PF operating margin was 21% (down from 35% y/y) in the quarter vs. our estimate of 23% and depending on the degree of discounting that will take place in the coming months, may have reached a stabilization point. The company, however, did not specifically guide for an improvement for op margin in 2013 as tactics to gain share in the low end online travel space remain a priority. While favorable on the secular growth themes benefiting online travel in emerging markets, increased competition and macro uncertainty have impacted Ctrip's model. Q4 results were solid, but we remain Neutral rated until we have greater confidence that margins can reverse and move higher again.” Ctrip.com International closed on Thursday at $19.81.