Narrow-Moat Priceline’s Network Advantage Intact; Shares at a Slight Discount
We plan to lift our $2,030 fair value estimate by a low-single-digit percentage mostly to account for the time value of money, as Priceline’s slightly lower-than-expected bookings were offset by better gross margins in the second quarter. In our view, Priceline remains well-positioned for long-term growth within the attractive online travel industry that we expect to grow around high single digits annually on average over the next several years. We see Priceline shares as slightly undervalued, a...
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