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Piper Jaffray Downgrades

Piper Jaffray downgrades (PCLN) to market perform from outperform.

Analyst Aaron Kessler says while the company's first-quarter was essentially in line with estimates, he's concerned with the declining growth rates of the domestic online travel market.

He also notes while has been largely immune due to new product offerings and differentiated offering, he believes it will become increasingly difficult for it to outperform the market, especially as it anniversaries its product enhancements.

Kessler lowered his rating over slowing growth and belief that the shares are fully valued, and trimmed his $30 target to $29. He says earnings per share estimates essentially are unchanged due to lower-than-anticipated operating expenses and a lowered effective tax rate.

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