Shares of China-based travel site Ctrip (CTRP -4.8%) sink after Piper Jaffray cuts its rating to...

Shares of China-based travel site Ctrip (CTRP -4.8%) sink after Piper Jaffray cuts its rating to Neutral from Overweight and its price target to $36 from $41. CTRP should continue to capture a large portion of China's growing travel market, but given its low-end competition and near-term spending, it "will have difficulty achieving a multiple in-line with growth.”