Priceline (PCLN), a major US online travel services provider, recently released upbeat financial 2Q15 results. Its earnings rose 7% y-o-y to USD 2.28 bn amid the positive onset of the holiday season in the US and other countries. The total volume of hotel, air tickets and car rental reservations on the company’s site spiked 10.5% y-o-y (26%, given devaluation effect) to USD 15 bn, while the volume of international orders jumped 12% y-o-y, totaling 87% of the total volume of orders. Operating profit declined 1.3% y-o-y to USD 781 mn. Adjusted EPS edged down 0.5% y-o-y to USD 12.5.The company is generating considerable cash flows, which allows it to buy back its own shares. In the last 6 months, the company repurchased USD 986 mn of its shares.In addition, Priceline is active in the M&A market. Recently, the company acquired AS Digital, specialized in restaurant booking. This transaction will expand the company’s possibilities in online reservation.We believe Priceline will continue to show positive performance. According to our expectations, the global travel industry will continue to recover amid global economic recovery, and Priceline may well become the main beneficiary of this trend. Its advantages are a high diversification and global approach to business, as most of its revenue is generated on overseas markets. Priceline is paying special attention to emerging markets of Asia and Latin America, which possess a considerable growth potential in terms of online travel booking. We also positively evaluate the company’s recent acquisitions that are supposed to buttress the company in the long term.We keep the price target of Priceline at USD 1,480, and believe this is a good mid-term investment opportunity. The short-term technical target is USD 1,350.