With Priceline shares 14-year high, all eyes on earnings report

With Priceline shares trading at a 14-year high, investors want to know if its upcoming earnings report will help its stock fly even higher.

Shares of Priceline are trading at its highest level since May 1999. Just this year, shares of the online travel player have gained 50 percent. At about $928 a share, Priceline now has the highest share price in the S&P 500.

Analysts say its quarterly earnings report, due Thursday after the bell, could help shares climb further.

Barclays analyst Anthony Declemente expects Priceline to beat analyst estimates following weaker numbers a year ago. "Given easier comps and the company's penchant for beating guidance, we think expectations are for a second quarter beat," he said.

On the conference call, Declemente, will also be looking for any commentary around demand in Europe, given that "European travel trends appear to be stable-to-improving in the second quarter."

Eric Sheridan at UBS says when it comes to Priceline, a recovery in Europe could be a big driver. "Improvement in European hotel occupancy rates and average daily rates is especially positive given the geographic concentration of Booking.com."

For the second quarter, the street on average is forecasting a 25 percent jump in Priceline's revenue to $1.66 billion, and a 19 percent rise in earnings to $9.37.

Source: Priceline.com

—By CNBC's Seema Mody. Follow her on Twitter: @SeemaCnbc