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Ctrip (CTRP +4%) rallies following an upgrade to Buy from Goldman. Among the firm's reasons. The...

Ctrip (CTRP +4%) rallies following an upgrade to Buy from Goldman. Among the firm's reasons. The firm thinks price competition is stabilizing, as industry subsidies decline and rival eLong sees its margins plummet. Goldman also touts Ctrip's service quality and dominant share of the business travel market, and considers Chinese online travel firms to be undervalued relative to U.S. peers on a bookings/market cap basis. Ctrip's Q3 results arrive on Nov. 5.
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