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Priceline (PCLN +1.6%) opens higher following an upgrade to Buy from BofA/Merrill. the firm,...

Priceline (PCLN +1.6%) opens higher following an upgrade to Buy from BofA/Merrill. the firm, which has raised its PT to $770, thinks Priceline offers more potential upside to 2013 estimates than Expedia (EXPE), foresees strong international growth over the next 3 years even as European growth slows down, believes Europe will have a modest 2H economic recovery, and is positive on the Kayak acquisition. Priceline has been range-bound since late August.
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