Priceline's Stock Falls After Analyst Downgrade

Shares of Priceline Group fell 0.7% early Tuesday, after a downgrade by analyst Jake Fuller at FBR & Co., who cited concerns over slowing earnings and bookings growth and narrowing margins. Fuller cut his rating to market perform, after being at outperform since he initiated coverage of the online travel service company's stock on Oct. 22, 2013. He kept his price target unchanged at $1225, which is 7% above current levels. Fuller wrote in a note to clients that while Priceline remains a global leader, with a solid competitive position, "it appears to be entering the latter stages of its growth cycle, and that can be a tough transition for investors to work with." The stock has now gained 6.5% since Fuller started covering it, compared with a 17% gain in the S&P 500.