UDPATE: The Benchmark Company Lowers PT to $31 on Expedia

A report from The Benchmark Company reiterates its Hold rating and lowers its price target from $32 to $31 on Expedia (NASDAQ: EXPE).

The report states, “Expedia… reported weaker than expected revenue of $1.14 billion, up 15% y/y, below consensus at $1.16 billion on 11% bookings growth. Spending on platform build-out along with a $12 million increase in occupancy tax reserves limited OIBA growth to 8%. A lower tax rate of 24% helped adjusted EPS reach $0.77, $0.04 above consensus at $0.73.”

EXPE closed yesterday at $29.09.