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HomeAway shares should be bought on weakness, says Pacific Crest

After speaking with HomeAway's management, Pacific Crest thinks the company's near-term trends have not changed since the company reported its Q1 results. The firm thinks that the company's business in Europe is tracking well, while its competitive position is strong. It cut its price target on the shares to $38 from $50 but keeps an Outperform rating on the stock.