Piper Jaffray adds Priceline as Internet top pick

ahmedvisham · #1 19-06-2008, 12:52 AM

Investment Bank Piper Jaffray added online travel agency Priceline Inc to its list of Internet top picks, in part due to expectations of strong growth in Europe.

Piper Jaffray said European operations, which account for about 70 percent of the company's operating profit, benefited from a sequential rise in May European discount airline traffic that could offset the slowdown in the United States.

"International travel (especially Europe to U.S.) is becoming a larger part of Priceline's business, and should help Priceline continue to outpace industry growth," said analyst Aaron Kessler, who maintained a "buy" rating and a price target of $175 on the stock.

Kessler also expects the European hotel market to be much more resilient than that of the U.S. market, given higher priority Europeans put on leisure travel and the lower costs of getting to destinations in Europe.

Shares of the company were up $2.43 at $128.02 in midday trade Wednesday on Nasdaq.

Thread Tools
Show Printable Version Email this Page
Display Modes
Switch to Linear Mode Switch to Hybrid Mode Threaded Mode

Similar Threads
Thread	Thread Starter	Forum	Replies	Last Post
SKorea's Lee highlights Internet benefits, dangers	ahmedvisham	Announcements & News	0	17-06-2008 10:55 PM
Internet Download Manager IDM v5.12	cosmoangelo	PC Software	0	29-03-2008 02:49 PM
Internet Download Manager 5.12	markus	PC Software	0	14-02-2008 06:36 PM
Internet Lock 5.0.3	markus	PC Software	0	13-02-2008 07:26 PM
The future of wireless internet	ahmedvisham	Announcements & News	0	22-07-2007 03:27 PM

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)