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Priceline (PCLN +2.3%) rallies on an upgrade to Buy from Nomura's Brian Nowak. Nowak is cutting...

Priceline (PCLN +2.3%) rallies on an upgrade to Buy from Nomura's Brian Nowak. Nowak is cutting his European sales estimates for Priceline on account of its soft Q3 guidance, which was partly blamed on Europe, but also notes 65% of hotel room bookings are expected to be non-European going forward (up from 42% before), and predicts growing U.S. and Asia-Pac sales will yield 2012 and 2013 EPS slightly above Street estimates.
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