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Priceline.com Inc - An Aggressive Growth Buy
By Zacks Investment Research on March 2, 2009 | More Posts By Zacks Investment Research | Author's Website
Priceline.com, Inc. (NASDAQ:PCLN) just beat Wall Street’s expectations on Feb 18th. Earnings estimates and shares are on the rise.
Company Description
Priceline.com Incorporated is a web-based discount travel service. The company allows customers to choose their own prices on air fare, hotels, and other vacation related services. Priceline.com gives providers of the aforementioned services incremental income by booking vacancies that may have otherwise gone unfilled.
Bookings up 23%
Priceline announced fourth-quarter and full-year earnings on Feb 18 that included bookings of $1.5 billion, up 23% since the same quarter last year.
Revenues for the quarter were up over 21% to $406 million. Earnings were up 34% and were $1.03 per share, compared to analyst estimates that averaged 90 cents.
Estimates are Up
Full-year estimates are rising. The consensus for 2009 is not $5.39, up from $5.15 over the past 3 months. Estimates for 2010 are now $6.03, up from $5.76 over the same time period.
The Chart
Shares of PCLN have convincingly broken out of the trading channel that has bound the stock between $65 and $77 over the past few months. Take a look at the chart below.
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