UPDATE: Benchmark Upgrades Expedia to Buy on Execution and Tailwinds
Benchmark raised its rating on Expedia (NASDAQ: EXPE) from Hold to Buy with a new $67 price target.
Benchmark said, "We are raising our rating on shares of Expedia (EXPE) from Hold to Buy as continued solid execution, strong organic tailwinds and an aggressive expansion strategy have allowed the Company to gain market share and record accelerating results despite the challenging macro environment. While the initial stages of the global platform migration have already yielded impressive results, including a significant improvement in the core Expedia brand, Expedia still stands to benefit from the rollout of its revamped air and package platforms over the next couple quarters."
Expedia closed at $51.25 on Thursday.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.