Stifel Nicolaus Upgrades Expedia to Buy (EXPE)

Stifel Nicolaus is out with its report today on Expedia

, upgrading shares of EXPE from Hold to Buy. In a note to clients, Stifel Nicolaus writes, "We are upgrading shares of Expedia from Hold to Buy with a 12-month target price of $35 per share. Our upgrade is based on a sum-of-the-parts valuation for the company's TripAdvisor unit and travel transaction businesses. We view Expedia's recent announcement regarding a spin-off of the TripAdvisor unit as a major catalyst for unlocking value. The spin-off marks a significant departure from management's previous reticence to consider a spin-off." At the time of posting, shares of EXPE were trading pre-market at $25.62, up 14.38% from Thursday's close.