Cantor analyst Naved Khan came out with a few insights on Priceline Group Inc (NASDAQ:PCLN), after the company reported strong fourth-quarter results that topped Street expectations on every metric. The analyst rates the stock a Buy and slightly raised the price target to $1,360 (from $1,350), which implies an upside of 12% from current levels.
Khan noted, “While the macro climate continues to be challenging for PCLN, 4Q saw a very healthy 27% (FX-neutral) growth in int’l bookings and a 24% growth in room nights, attesting to the platform’s strength and to management’s solid execution. These strengths should help alleviate any concerns about a slowdown in the core travel business. We remain constructive on the name, as we believe that excluding the extraneous factors (FX/macro), PCLN’s underlying business fundamentals remain strong and it continues to gain market share globally.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Naved Khan has a total average return of 22.6% and a 84.6% success rate. Khan has a 32.6% average return when recommending PCLN, and is ranked #211 out of 3479 analysts.