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Company: Priceline.com (PCLN)
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  Priceline running ahead of itself

Recently Citigroup slapped a price target of $185 and Barclays followed with $180. Year to date PCLN is up 108.36% from a low of 73.65 and is currently trading at an all time high of $153. Where was Citigroup and Barclays when Priceline hit its low in November? It is quite easy to upgrade and initiate coverage once momentum has built up on a stock rather than making a call when the outlook seems bleak. Should an investor choose to follow these calls a return of 20% and 17% will be garnered should the price targets be reached.

The contrarian in me chooses a bet against these targets. From a macro perspective the economy is not doing that great and it seems oil is headed back towards $100 (currently $74). Unemployment is still at 10% with no improvement in site and more importantly the boost in GDP from the stimulus package will slowly begin to vanish by the end of this year.

As with the economy I expect Priceline to stall.

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