Shares of Priceline.com Inc. (PCLN) are trading higher this morning, following an upgrade from ThinkEquity analyst Aaron Kessler. The online travel agency was upgraded to “Buy” from “Hold”, with the brokerage setting a price target of $530 for the stock, up from $450. PCLN closed yesterday at $407. In a note to clients, a Kessler wrote, “Priceline remains well positioned for continued international market-share gains given its supplier-friendly hotel model and attractive consumer offering.”
Kessler expects Priceline to earn $13.16/share this fiscal year, $17.49 next year and $22.08/share in 2012.
Share action: PCLN shares, which have more than doubled over the last six months, rose $10.35, or 2.5%, to $417.35 in midday trading. Day’s range: $413.81 – $420.85. Ticker is currently above its 50-day moving average of $393.05 and above its 200-day moving average of $288.12. Look for these parameters to climb to confirm the company’s upward momentum.