Editors' pick: Originally published Nov. 7.

Priceline's (PCLN) third-quarter results will detail whether the European travel scene has been affected one way or the other by Brexit, as well as what overall travel trends there are.

"Our analysis shows that PCLN keeps gaining [market] share and is well positioned to deliver strong bookings and rev[enue] growth despite soft global travel trends," Jefferies analysts led by Brian Fitzgerald wrote in a note to clients. "Growing scale and leverage in the model help offset margin pressure from soft variable marketing ROI." Jefferies has a buy rating and a $1,700 price target on Priceline shares.

Priceline reports third-quarter earnings after the close of trading on November 7.

Despite being based in the U.S., Priceline is particularly sensitive to the European travel market, due to the popularity of its Booking.com subsidiary on the continent. As such, investors will be looking to see whether desktop traffic declines in the first half of the year to Booking.com have turned around.

Shares are trading at roughly 20 times forward earnings, so it's unlikely that there is meaningful multiple expansion Pacific Crest Securities analyst Brad Erickson wrote to investors, but any dip would be worth buying.

"[W]ith the stocktrading at 19.2x our out-year EPS estimate (versus an historical peak of 20x) and just over 20x after adjusting the multiple for the commensurate historical average SBC contribution to earnings, we would wait for a better entry pointbefore adding to positions," Erickson wrote in an investor note.

Analysts surveyed by Yahoo! Finance expect the company to earn cents a share on $xx billion in revenues.

TheStreet Recommends

These three ETFs may benefit if investors like what Priceline has to say about the past 90 days and the state of the travel industry.

SPDR MFS Systematic Growth Equity ETF

The SPDR MFS Systematic Growth Equity ETF  (SYG) - Get SPDR MFS Systematic Growth Equity ETF Report  has Priceline make up 4.24% of its $12.1 million portfolio and charges investors a 0.6% expense ratio.

Jefferies's Fitzgerald noted that while desktop trends could see a bump up from the first part of the year, mobile trends "while still solid, showed signs of deceleration in the US andin the UK but given the general backdrop for travel since Mar'16, we think that traffic trendswere relatively healthy for PCLN in 3Q16." Jefferies has a buy rating and a $1,700 price target on Priceline.

Direxion iBillionaire Index ETF

The Direxion iBillionaire Index ETF (IBLN)  has Priceline make up 3.8% of its $17.2 million portfolio and charges investors a 0.65% expense ratio.

While valuation is a concern for Pacific Crest Securities' Erickson, he is "generally bullish on large OTAs ability to ability to continue rolling up share versus not only offline travel bookings but also smaller OTAs."

PowerShares NASDAQ Internet Portfolio ETF

Priceline makes up 8.05% of the PowerShares NASDAQ Internet Portfolio ETF  (PNQI) - Get Invesco NASDAQ Internet ETF Report , which has $296.9 million in assets under management and has a 0.6% expense ratio.