Ctrip: Kaufman Downgrades To Hold On Valuation Basis
Ctrip International (CTRP) shares are lower today after Kaufman Bros. analyst Aaron Kessler downgraded the shares of the China-based online travel agency to Hold from Buy, while keeping his $42 price target. Kessler’s call is valuation based: with the stock trading at 39x his 2010 EPS forecast of $1.03 a share, he thinks the stock is now fully valued.
He notes that the stock has rallied 34% since early February.
CTRP is down $1.48, or 3.7%, to $39.01.
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