UPDATE: Evercore Lowers Price Target on Expedia to $37

According to Evercore Partners, Expedia EXPE price target is lowered to $37. Evercore Partners said that it reiterates its Overweight rating post spin of TripAdvisor based on the opportunity for revenue growth, both organically and through strategic partnerships. “Our new price target is $37 based on DCF analysis and a 6.3 times multiple on 2012 EBITDA. This compares to Orbitz which is trading 6 times and PCLN at 12 times.” Expedia closed yesterday at $29.15.