Seeking Alpha

FBR backtracks on Priceline report

  • After previously stating Booking.com's (PCLN -1.2%) hotel count has fallen since the end of Q1, FBR now says they're up Q/Q.
  • The about-face comes shortly after Cowen challenged FBR's numbers, stating both Priceline's hotel and vacation counts are on pace to rise in Q2, and that FBR "might have missed the fact that PCLN changed its definition of vacation rental properties in early May ‘14."
  • Cowen thinks Priceline's Q2 Y/Y hotel/vacation property growth should be at 50%, above the firm's prior estimate of 47%.
  • Shares continue to trade lower on a down day for many Internet stocks.
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