UPDATE: Oppenheimer Lowers Price Target On Priceline Group On Possible Euro Parity

In a report published Wednesday, Oppenheimer analyst Manish Hemrajani reiterated an Outperform rating on Priceline Group Inc (NASDAQ: PCLN), but lowered the price target from $1,350.00 to $1,300.00.

In the report, Oppenheimer noted, “Six months ago we would have been laughed out of the room if we had titled our note such, but we are now at a juncture where euro parity with the USD could be viewed as a possibility. Among our OTA coverage, PCLN has the highest exposure to the euro. At current euro/USD levels we see a negative impact of 4.6% on 2015 GBs. On a positive note Air traffic trends remain healthy in Europe albeit with some shift toward LCCs (low-cost carriers). Dec-qtr also saw healthy property additions on booking.com and we don't see any risk to December quarter estimates but we probably will see muted guidance for the March quarter. Street numbers remain high for 1Q15/FY15.”

Priceline Group closed on Tuesday at $1,037.82.