UPDATE: Deutsche Bank Raises Expedia's PT

According to a research report published earlier today, Deutsche Bank has increased Expedia's EXPE PT from $28 to $40. In the report, Deutsche Bank said, "Expedia reported strong 1Q bookings well ahead our ests, as room night growth accelerated driven by easy comparisons, strong growth across all the company's non-Expedia brands and modest improvements at Expedia, where growth has gone from a slight headwind to mid-single digit growth. Mgmt's reiteration of mid-single digit EBITDA growth in 2012, looks increasingly conservative in light of building momentum. We increase our ests meaningfully and raise our PT to $40 (from $28). While we see potential for further upside to ests in 2H and 2013, we remain on Hold until we get more evidence of this." Expedia is currently trading at $41.83.