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Fly News Breaks for June 19, 2015
QUNR, CTRP
Jun 19, 2015 | 10:53 EDT
Piper Jaffray believes Ctrip.com's (CTRP) recent convertible issuance is not an indication of increased investments in marketing plans by the company. Piper does not think Ctrip is raising money to compete with Qunar (QUNR) in lower-end hotels or discounting on higher-end hotels through coupons. It recommends using the recent pullback in shares of Ctrip.com as a buying opportunity. The firm reiterates an Overweight rating on the name with a $91 price target.
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