Benchmark Capital Raising Price Target To $320 On Priceline.com After Earnings Blowout (PCLN)

Benchmark Capital is severely lifting its price target on shares of Priceline.com PCLN after the online travel site reported blow out earnings yesterday. It is lifting its target from $253 all the way to $320. It rates shares at a Buy. In a note to investors Benchmark Capital states, "Priceline (PCLN - Buy, PT from $253 to $320) reported 2Q10 results and 3Q10 guidance which handily exceeded expectations. Gross bookings improved 43% y/y, driven by 48% y/y hotel room-night growth. Net revenue was $767 million, up 27% y/y, above the high-end of guidance and consensus at $733 million. Proforma EBITDA jumped 62% to $204 million. Proforma EPS was $3.09, well above consensus at $2.65." "We are raising our full-year 2010 and 2011 forecasts to reflect a more robust outlook for Priceline’s bookings and revenue growth. Our 2010 EPS estimate rises from $11.00 to $12.40 while our 2011 estimate rises from $13.00 to $16.00." Shares of Priceline are exploding higher this morning, up $45.97 to $276.64, a gain of nearly 20%.