Priceline’s Rally Not Nearly Over, Citi Says (PCLN, TZOO, UTA, CTRP, EXPE)
If you’re hunting for one of those high-flying growth stocks that trades deep into the triple-digits, the Dotcom Travel Stocks Index, which is up 3.8% today, isn’t a bad place to look to find one candidate that fits that description.
Obviously, that would be Priceline.com (PCLN). Priceline is closing in on $500 after an 18% jump in the past three months alone. Overbought? Not in the eyes of Citigroup. Even at these lofty levels, Citi raised its estimates and price target on Priceline to $610 from $575, implying significant upside from the $488 and change where Priceline shares currently trade.
In reiterating a “buy” rating on Priceline, Citi called the stock one of the most attractive among large-cap Internet names.
The Citi comments have been good for a 3% boost for Priceline and rivals are getting in on the act, too, with Travelzoo Inc (TZOO) surging 8% and Universal Travel (UTA) tacking on 3%. China’s answer to Priceline, Ctrip.com Intl (CTRP), is up 1% while Expedia (EXPE) is higher by 2%.
Investors can track the Dotcom Travel Stocks Index for performance trends and a suite of other metrics at tickerspy.com.
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