Oppenheimer analyst Jed Kelly reiterates an Outperform rating and $2,000 price target for Priceline after the company reported a "solid Q1." However, he notes that guidance, where the high-end of Q2 room nights reflects a 600bps deceleration, is causing shares to trade off and likely implies some conservatism. The analyst continues to be encouraged by the overall long-term opportunity to penetrate existing properties, and believes Priceline is best positioned to drive global share of online lodging accommodations. Kelly would use any pull-back to accumulate shares.