Ctrip.com International (CTRP) was upgraded Tuesday by a number of analysts after strong fourth-quarter results for the Chinese booking site.
Ctrip's price target was raised to $48 from $40 at Benchmark. Oppenheimer also raised its price target to $46 from $40.56, according to FactSet. In all, about eight analysts raised their price targets.
The company said fourth-quarter net revenue rose 22% year on year to RMB 7.6 billion ($1.1 billion), and jumped 16% to $4.5 billion for the year.
Unaudited financial results showed that its Skyscanner direct booking program delivered more than 200% revenue growth in the fourth quarter of 2018 frm a year earlier. Excluding Skyscanner, the company said its international hotel and air business tripled the industry growth in the quarter.
The company expects first-quarter 2019 net revenue growth of 18% to 23% year over year, according to Bloomberg.
American depositary receipts of Ctrip on Tuesday were trading at $42.37, up 21.08%.