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Priceline going to $1000/share?

Piper Jaffray analyst Michael J. Olson believes Priceline could hit $1,000 per share in the next 24 months, as the online travel market continues to expand, and Priceline continues to maintain its lead in the international market. He rates Priceline shares”overweight,” and has a $763 price target on shares.

Chart: Priceline Quarterly Market Cap vs. Expedia and Orbitz:
Priceline has been able to keep operating margins fairly constant (around 47%), and international booking growth has remained strong.
Shares are up 50.45% year-to-date, but Olson believes there could be an additional 40% or more worth of upside, with non-GAAP earnings of $50 per share realistic in 2015. In the past year, shares of Priceline are up 54.2%.

Olson notes that 78% of priceline’s business comes from overseas, and that the company “continues to lead in Europe and has pushed into emerging markets faster than any other online travel bookings site.”

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