NEW YORK (AP) — U. S.-listed shares of Chinese travel agency International Ltd. fell Monday after spiking for the last three days, followed by a downgrade from Goldman Sachs.

THE SPARK: Goldman Sachs analyst Fei Fang downgraded Ctrip to "Neutral" from "Buy" and removed it from the "Asia Pacific Buy List."

THE ANALYSIS: Fang didn't change his fundamental view of the company, and raised his price target on the shares from $26 to $29 in the same report. But the shares jumped above those targets after it reported first-quarter results Wednesday.

Fang said that while first-quarter results were encouraging, he believes the operating margin will stay steady in the next two quarters, as price competition increases and Ctrip invests in branding, research and design.

SHARE ACTION: Ctrip shares fell 40 cents, or 1.4 percent, to $28.98 in afternoon trading. The shares hit a 52-week high of $30.04 on Friday.


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