UPDATE: Brean Murray Carret Lowers PT to $17 on eLong; Q1 Below Expectations

Brean Murray Carret reduces its price target on eLong (NASDAQ: LONG) from $22 to $17.

Brean Murray Carret notes, "Net revenue came in at RMB153 million (+23% YoY), below our expectation of RMB158 million.  Specifically, hotel revenue grew 36% YoY on strong volume growth (67% YoY) partially offset by a continued decline in commission per room night.   Air revenue decreased 10% YoY on the back of both a volume and commission decrease.   Adjusted EPS was $0.09 (‐17% YoY), one cent below our estimate."

LONG closed at $14.77 on Thursday.