Prudential Lifts Priceline Target

Analyst Mark Rowen thinks the online travel agent's success in the value travel segment already was reflected in the stock price

Prudential raised the price target on Priceline.com (PCLN ).

Analyst Mark Rowen says strong Q1 results met his revenue target and beat his bottom-line estimate. He says he's pleased to see improving demand, but remains concerned about the ultimate size of Priceline's market for restricted travel.

Rowen is hopeful that results reflect a turning point in consumer demand for Priceline's services, however, he thinks the recent run-up in the stock already reflects the company's leadership position in the "value" travel segment and its improved outlook. He raised his $3 target to $5 and reiterates hold.

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