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Strategies & Market Trends : The New Economy and its Winners

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From: Bill Harmond	7/1/2014 12:18:01 PM
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01-Jul-14 07:32 ET In Play International winds buoy Oppenheimer's thesis on OTAs (1203.00 ) : Oppenheimer is launching coverage of the Online Travel Agency (OTA) sector with a favorable view. Both PCLN and EXPE have had significant returns over the past year, up ~46% and ~31%, respectively. Yet they believe that there should be more quarters of upside to estimates primarily on the back of rising online travel penetration rates internationally. They believe the international growth story has a long tail of secular growth ahead of it, as online booking penetration is only 24% in APAC, 22% in Latin America and ~23% in Eastern Europe (vs. 42% in the US). They are launching coverage of PCLN ($1450 tgt) and EXPE ($90 tgt) with Outperform ratings and OWW with a Perform.

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