UPDATE: J.P. Morgan Upgrades Expedia; Raises PT

According to a research report published this morning, J.P. Morgan has upgraded Expedia

from Underweight to Neutral, and raised PT from $31 to $37. In the report, J.P. Morgan said, "Expedia reported 1Q results ahead of expectations on strong hotel bookings growth and higher air ticket volumes. We are encouraged by the sequential acceleration in room nights growth to mid single digits for the Expedia brand, which we believe was driven by early platform benefits. Following the completion of the migration, we believe Expedia is likely to see higher bookings, increasing conversions, and operating leverage in 2013. Furthermore, we are encouraged by the increased buybacks and a new authorization for 20M shares." Expedia closed yesterday at $32.63.