Priceline.com (PCLN) hit a fresh 52-week high this morning after Morgan Stanley (MS) upgraded the stock of the online travel company to ‘overweight from ‘equal weight’, with a price target of $1010. The Wall Street firm said it raised its estimates “following its survey of European hotels that indicates an improved competitive position, growing inventory at Bookings.com and stabilizing margins.”
PCLN, which has been touching fresh multiyear highs in recent sessions, gapped open dramatically higher Monday and is now up 3%, or $26, at $880.72. The ticker is currently ranging in a price between $872.20 – $882.00 after having opened the day at $874 as compared to the Friday trading day’s close of $855.16.
At current price levels, Priceline trades at 18.8x 2014.