Piper upgrades Ctrip, sees room for margin expansion

• Piper's Michael Olson has upgraded Ctrip (CTRP +1.4%) to Overweight, and hiked his target all the way to $90 from $54.
• Olson views Ctrip, less than 3 weeks removed from soaring after providing strong Q1 guidance to go with mixed Q4 results, as well-positioned to grow its margins as its recent huge investments pay off. He also sees plenty of room to grab further Chinese travel share.
• Shares +34% since the Q4 report. They trade for 5.1x 2015E sales; the 2015 revenue growth consensus is at 35%.