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CIBC World Raises Estimates on Hotel Reservations

CIBC World raised estimates and maintains buy on Hotel Reservations (ROOM).

Analyst Paul Keung says he's raising numbers following conversations with hotel suppliers suggesting online hotel bookings are exceeding the Q3 forecast. He notes, on the last conference call, that management indicated it is evaluating new distribution channels and affiliates, including supplier call centers and Web sites -- following the recent successful connections with Northwest Airlines and Cheap Tickets. He says the company could acquire another regional player, solidifying market share in a space with only a few scaled online hotel consolidators.

Kueng raised his $1.02 2001 EPS estimate to $1.05, and raised the $1.32 2002 estimate to $1.42. He has a $55 target.

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