Priceline.com (PCLN) has grown by leaps and bounds from the days of "name your own price," thanks to its rapidly growing reach across the globe, particularly in Europe.
In 2004, Priceline bought Netherlands-based hotel website Booking.com. That gave it a strong foothold in the European market, where Booking.com is a market leader. Revenue from Priceline's international operations surged 80% in its most recent quarter, compared with U.S. sales, which only rose 14%.
Analysts at Bank of America expect European bookings to nearly triple to $20 billion over the next three years. Given the strong performance and the growth outlook, they say Priceline's stock has room to grow and they expect shares to rise another 12% to $580.
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