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It's time to take profits on Ctrip (CTRP -2.8%), argues Goldman, which cutting shares to Neutral...

It's time to take profits on Ctrip (CTRP -2.8%), argues Goldman, which cutting shares to Neutral following last Thursday big post-earnings rally. Though Goldman still sees Ctrip posting a 20% EPS CAGR from 2014-2017, it no longer sees "material return upside" relative to peers such as Baidu, Tencent, and New Oriental. It also thinks favorable Q2/Q3 seasonality will be partly offset by price competition and R&D/marketing investments. Shares trade at 18x Goldman's 2014E EPS estimate.
Comments (1)
  • william wang
    , contributor
    Comments (5) | Send Message
     
    Ctrip has a long term upside given the strong secular growth of travel industry in China, and no super competitor on line.
    20 May 2013, 02:53 AM Reply Like
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