Deutsche Bank Raising Price Target On Priceline (PCLN)

Deutsche Bank is raising its price target on shares of priceline.com Incorporated PCLN to $540, and is keeping it at a Buy after it reported earnings. In a note to clients, Deutsche Bank writes, "We reiterate our BUY rating on shares of Priceline and raising our price target to $540 from $490 previously. Priceline continues to execute on its plan of dominating the international hotel market, with a strong foothold of now 120,000 properties worldwide. Growth remains in penetration of European hotels (lags about 10% behind US penetration rates), new regions (Asia, South America) and new service expansions (rental cars). We continue to view Priceline as a core holding in the Internet sector." Shares of PCLN are up $20.86 in pre-market trading to $446.85, a gain of 4.9%.