UPDATE: Evercore Partners Raises PT on Orbitz Worldwide to $2.50

Evercore Partners has published a research report on Orbitz Worldwide

and has raised the price target from $2 to $2.50 after the company reported a 4Q beat. In the report, Evercore Partners writes, "Q4 revenues of $177.1 million were ahead of our estimate and consensus of $175.0 million on higher air revenues (-11%) versus our estimate of -13%. Surprisingly, hotel revenues declined 3.1% due to a 2% decline in hotel room nights booked (Hotel Club appeared to be the culprit). Adjusted EBITDA beat on the higher revenues ($30.1 million versus our $28.4 million and consensus of $30.5 million) and on lower marketing expense costs. SG&A was higher than we expected on an 8% increase in wages and benefits." Evercore Partners maintains its Underweight rating on Orbitz Worldwide, which is currently trading up $0.09 from yesterday's $2.93 closing price.