Cantor ($1,050) thinks Priceline not only performed well internationally, but "also likely gained ground in the US, benefiting from increased TV ads and Expedia's mis-execution on TripAdvisor." It sees Priceline's "best-in-class hotel inventory" and Kayak's international expansion fueling additional share gains.
Deutsche ($1,120) thinks Priceline's EBITDA margin (pressured lately by heavy ad spend) could be roughly flat Y/Y in Q3, a notable improvement from recent quarters.
Evercore ($1,100) declares Booking.com "still enjoys the highest marketing efficiency in the industry." Its PT is based on a lofty multiple of 24x 2014E adjusted EPS.
Priceline noted on its CC Booking.com now lists 330K+ hotels/accomodations, +40% Y/Y. The company attributed its 410 bps Y/Y op. margin drop to lower (online) ad ROIs, mix shifts, and growing offline ad spend for Kayak and Booking.com.