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Fly News Breaks for June 5, 2015
PCLN, AWAY
Jun 5, 2015 | 06:04 EDT
Piper Jaffray analyst Michael Olson believes HomeAway (AWAY) is an attractive acquisition target and views Priceline (PCLN), which signed a distribution agreement with the company this week, as the most likely acquirer. Given the "large amount" of bookings done on HomeAway's site, Olson estimates in a note to investors this morning that an acquirer could pay $45-plus per share for the company while still retaining "solid economics." Shares of HomeAway, which owns an online vacation rental property marketplace, closed yesterday down 56c to $30.12. Olson reiterates an Overweight rating on the stock with a $39 price target.
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