Priceline (PCLN -2.4%) and Expedia (EXPE -1.6%) slide after Morgan Stanley's Scott Devitt downgrades Priceline to Equalweight. Devitt sees Priceline posting a bookings CAGR of 19% over the next 3 years (down from 46% over the last 3) and also expects EBITDA margin to fall by 220 bps over this time. Tougher European competition from Expedia, Google's (GOOG) online travel efforts, rising travel search ad costs (good for Google), and a shift to mobile bookings (Priceline is better at monetizing PC activity) are also concerns.
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