Pacific Crest Starts The Priceline Group (PCLN) at Sector Weight

Pacific Crest initiated coverage on The Priceline Group (NASDAQ: PCLN) with a Sector Weight rating. Analyst Brad Erickson said valuation is full.

"PCLN should continue to benefit from connected consumer tailwinds as offline travel spending shifts to online and OTAs gain share from direct-supplier bookings. Still, with multiples in the space being closer to peak than average, we see trends toward multiple expansion as unlikely and would look for a pullback before getting more constructive," said Erickson.

"We spoke with 20 independent hoteliers in the U.S. and 25 in the U.K. regarding the booking channel trends they are seeing. Our two main takeaways were that OTAs continue to take share from direct bookings and Airbnb is not having any discernible impact as of yet, both generally positive for PCLN," added the analyst.

For an analyst ratings summary and ratings history on The Priceline Group click here. For more ratings news on The Priceline Group click here.

Shares of The Priceline Group closed at $1317.03 yesterday.

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