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PCLN

Priceline

$2,049.00

6.36 (0.31%)

, TRIP

TripAdvisor

$39.55

-0.01 (-0.03%)

11:01
08/09/17
08/09
11:01
08/09/17
11:01

Priceline, Tripadvisor sink as competition weighs on OTAs

The shares of online travel agencies Priceline (PCLN) and Tripadvisor (TRP) are falling after Priceline's Q3 profit guidance came in below expectations and Tripadvisor reported that its transaction revenue per hotel shopper fell last quarter. PRICELINE: Priceline reported Q2 earnings per share, excluding some items, of $15.14, versus the consensus outlook of $14.20. The company's revenue came in slightly above expectations. However, it provided Q3 EPS guidance, excluding some items, of $32.40-$34.10, versus the consensus outlook of $34.20. TRIPADVISOR: Tripadvisor reported Q2 EPS of 38c, versus the consensus outlook of 30c. The company's revenue came in slightly above expectations. However, it reported that its TripAdvisor-branded click-based and transaction revenue per hotel shopper decreased 2% year-over-year. REACTION ON PRICELINE: Priceline failed to beat its guidance last quarter for the first time since 2012, wrote Cowen analyst Kevin Kopelman. The analyst blamed this development on tougher competition from Expedia (EXPE) and "heavy Asia discounting." However, he says the high end of the company's Q3 EPS guidance is "solid," and he kept a $2.250 price target and a Buy rating on the shares. Priceline's room night growth did not beat the high end of its guidance and the company provided "disappointing" Q3 room night guidance, wrote Credit Suisse's Paul Bieber. Although "conservatism" could be a factor behind these developments, the company's comments about the return on its marketing investments and its competition in Asia will probably hurt sentiment towards the company until it shows that its Q3 results will surpass its guidance, Bieber believes. However, citing what he sees as "a favorable demand environment with healthy macro trends and no significant changes to the competitive landscape in core Western markets," Bieber kept an Outperform rating on Priceline shares. He did, however, cut his price target on the stock to $2,070 from $2,150. Priceline tends to grow at the slowest rate in Q3 because Europe, the company's most mature market, makes up a greater share of its revenue than in other quarters, wrote Barclays analyst Ross Sandler. Moreover, the company has a tough comparison this quarter, the analyst stated. Additionally, Priceline is gaining market share in most areas, and its supply, "continues to grow at a very healthy rate," wrote Sandler, adding that supply is "a leading indicator" for the company. He recommends buying the shares "selectively on weakness." REACTION ON TRIPADVISOR: TripAdvisor, which "continues to stumble," blamed the decline in its revenue per hotel shopper on "a faster than anticipated shift to lower monetizing mobile users," wrote Piper's Michael Olson. Going forward, there are questions about how TripAdvisor will deal with lower monetization as mobile users make up a high percentage of its visitors, the analyst stated. He expects the stock to remain "range-bound" for the rest of the year, and he kept a Neutral rating on the shares. However, he expects the company to improve its monetization over the longer term and advises longer term investors to start evaluating the stock now. PRICE ACTION: In morning trading, Priceline sank 8% to $1,884 and Tripadvisor fell 6% to $37 per share.

PCLN

Priceline

$2,049.00

6.36 (0.31%)

TRIP

TripAdvisor

$39.55

-0.01 (-0.03%)

EXPE

Expedia

$145.92

-3.2 (-2.15%)

  • 09

    Aug

  • 09

    Aug

  • 05

    Sep

PCLN Priceline
$2,049.00

6.36 (0.31%)

08/09/17
FBCO
08/09/17
NO CHANGE
Target $2070
FBCO
Outperform
Priceline price target lowered to $2070 from $2150 at Credit Suisse
Credit Suisse analyst Paul Bieber lowered his price target for Priceline to $2070 from $2150 following mixed quarterly results and given a disappointing 3Q room night growth outlook. While the analyst thinks Priceline conservatism is a partial driver of the outlook, commentary on marketing ROI and competition in Asia are likely to weigh on sentiment until the company can demonstrate improved room night growth and/or continued gross profit and EPS upside versus guidance. Bieber reiterates an Outperform rating on the shares.
08/09/17
COWN
08/09/17
NO CHANGE
Target $2250
COWN
Outperform
Priceline results solid and guidance follows trend, says Cowen
Cowen analyst Kevin Kopelman noted Priceline failed to beat expectations with its operating metrics for the first time since 2012, but Q2 results were still solid and Q3 guidance was in line with trends. Kopeleman left his estimates intact and reiterated his Outperform rating and $2,250 price target on Priceline shares.
08/09/17
LEHM
08/09/17
NO CHANGE
Target $2100
LEHM
Overweight
Priceline shares due for 'breather' after 40% rally, says Barclays
Barclays analyst Ross Sandler says shares of Priceline are due for a "breather" after the company guided below expectations for the second straight quarter. The analyst notes the stock is up 40% year-to-date. Sandler recommends adding to positions "selectively" on weakness and keeps an Overweight rating on the name. He upped his price target for Priceline to $2,100 from $2,050.
08/09/17
MACQ
08/09/17
NO CHANGE
Target $2200
MACQ
Outperform
Priceline price target to $2,200 due to ongoing momentum at Macquarie
Macquarie analyst Matthew Brooks remains positive on Priceline following the Q2 beat and raised its price target to $2,200 from $2,000 on this Outperform rated stock The analyst said continued acceleration in new listings on Bookings.com should continue to drive shares higher and expects the company to beat Q3 EBITDA guidance of $2,030M-$2,130M.
TRIP TripAdvisor
$39.55

-0.01 (-0.03%)

07/12/17
WELS
07/12/17
INITIATION
WELS
Market Perform
trivago initiated with a Market Perform at Wells Fargo
Wells Fargo is upbeat on Trivago's (TRVG) execution and business model. But it is cautious on the stock due to what its says is the stock's above peer valuation and increasing competition from TripAdvisor (TRIP).
07/19/17
COWN
07/19/17
UPGRADE
COWN
Market Perform
TripAdvisor upgraded to Market Perform from Underperform at Cowen
07/19/17
07/19/17
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Boeing (BA) upgraded to Neutral from Underperform at BofA/Merrill with analyst Ronald Epstein citing stronger free-cash-flow generatoin and the impact from large share buybacks. 2. Vertex (VRTX) upgraded to Buy from Neutral at Janney Capital, to Outperform from Market Perform at Raymond James and Cowen, and to Overweight from Equal Weight at Barclays. 3. Chipotle (CMG) upgraded to Outperform from Market Perform at Telsey Advisory with analyst Bob Derrington saying yesterday's pullback in shares, combined with management's more aggressive menu innovation plan, provides a buying opportunity. 4. TripAdvisor (TRIP) upgraded to Market Perform from Underperform at Cowen. 5. First Solar (FSLR) upgraded to Buy from Hold at Axiom with analyst Gordon Johnson II saying that his checks suggest the company has delayed its transition to Series 6 technology as it runs its Series 4 production lines longer to accommodate increased demand. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
08/09/17
PIPR
08/09/17
NO CHANGE
Target $43
PIPR
Neutral
TripAdvisor price target lowered to $43 from $49 at Piper Jaffray
Piper Jaffray analyst Michael Olson lowered his price target for TripAdvisor to $43 saying the company's revenue per hotel shopper in Q2 was down 2% year-over-year while click-based and transaction revenue was 1% below consensus. He notes the company also lowered its revenue outlook for FY17. The analyst keeps a Neutral rating on the shares.
EXPE Expedia
$145.92

-3.2 (-2.15%)

07/28/17
PIPR
07/28/17
NO CHANGE
Target $173
PIPR
Overweight
Expedia price target raised to $173 from $158 at Piper Jaffray
Piper Jaffray analyst Michael Olson raised his price target for Expedia shares to $173 saying Q2 was strong amid accelerating room night growth. The analyst reiterates an Overweight rating on the name.
07/26/17
DBAB
07/26/17
NO CHANGE
Target $175
DBAB
Buy
Expedia price target raised to $175 from $158 at Deutsche Bank
Deutsche Bank analyst Lloyd Walmsley raised his price target for Expedia shares to $175 ahead of the company's Q2 results. The stock should continue to work amid easier comps beginning in Q2 and strong HomeAway results, particularly in Q3 and 2018, Walmsley tells investors in a research note. He keeps a Buy rating on the shares.
07/25/17
FBCO
07/25/17
NO CHANGE
Target $162
FBCO
Outperform
Expedia price target raised to $162 from $151 at Credit Suisse
Credit Suisse analyst Paul Bieber raised his price target for Expedia to $162 from $151 on valuation ahead of quarterly results. The analyst reiterates an Outperform rating on the shares.
08/02/17
JMPS
08/02/17
NO CHANGE
JMPS
Expedia price target raised to $179 from $155 at JMP Securities
JMP Securities analyst Ronald Josey raised his price target on Expedia after the company reported stronger than expected Q2 revenue and EBITDA. Josey says that the company "is executing very well," and he recommends buying the stock on weakness.

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