According to Piper Jaffray, Ctrip.com (NASDAQ: CTRP) rating is lowered to Neutral.

Piper Jaffray said that Ctrip is positioned to capture a large portion of the growing China travel market, both offline & online; revenue & EPS growth in the 20-25% range is likely for at least the next 1-2 years, as it sees re-acceleration following the tough Shanghai Expo comps in '11. “The resulting target of $36 no longer supports an OW rating and we are moving to Neutral. Within online travel, we point to EXPE & PCLN for favorable near-term risk/reward.”

Ctrip.com closed yesterday at $34.46.