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Fly News Breaks for May 22, 2015
QUNR, LONG, CTRP
May 22, 2015 | 10:09 EDT
After Ctrip.com (CTRP) acquired a 37.6% equity stake in eLong (LONG) from Expedia (EXPE), Summit Research said it views the deal as a significant positive for Ctrip and a negative for rival Qunar (QUNR). However, the firm thinks Qunar may be able to benefit from better hotel economics if the partnership yields a more rational pricing environment. Summit has a Buy rating on Ctrip and said it is reviewing its $80 price target on the stock.
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