"After four years of decline, we believe Priceline's ad spend return on investment stabilized in 1Q:16, which we attribute to lower Google cost per click (CPC) competition between Priceline and Expedia, as the two leading online travel agencies show the first signs of acting as rational players in a global duopoly." "As online travelers increasingly shop across hotels and alternative accommodations, we see Priceline, with its 422,000+ vacation rentals, leading hotel selection, 2X+ user reach advantage, and best in class traffic acquisition and conversion positioned to take material market share in alternative accommodations," said Nowak. Source: Bloomberg