Benchmark Raises PCLN Target From $466 To $504

This morning, Benchmark reports that Priceline PCLN appears well-positioned to benefit from the steady, ongoing recovery in travel demand with solid growth in the US and Western Europe through Priceline.com and Booking.com augmented by rapid expansion in Eastern Europe, South America and the APAC region through Agoda. Benchmark has increased its price target on Priceline from $466 to $504. “We forecast Priceline may show a 30% y/y bookings gain, 35% y/y EBITDA growth and $18 in EPS in 2011 despite challenging comparisons,” Benchmark writes. Priceline closed Tuesday at $407.