Priceline (PCLN)

A target or a top for Priceline (PCLN)?

Maybe both.  This morning JP Morgan raised their price target on PCLN to $1040 from $830.  JP Morgan expects strong Q2 results and positive gains from the Kayak acquisition.  The firm continues to have an Overweight rating on the stock.

Often when we see these larger price target numbers, especially after a big run, it can mark a top in the name as there is no one left to buy.  At least not until there is a dip.  As of the close 8/2, PCLN is up over 46% YTD and might want to rest before any moves higher.  If the name, which closed Friday at $908.36 does pop toward $1000 in the short term without any meaningful consolidation prior, it may be a great short opportunity.