In a report published Monday, Bank of America Merrill Lynch reiterated its Neutral rating and $62.00 price target on Expedia EXPE.
BofA Merrill Lynch noted, “Expedia is an investment in global Online travel with exposure to hotel, air and rental car bookings in the US, Europe and Asia. With 3 strong transaction brands including Expedia, Hotels.com and Hotwire, and its additional exposure to Asia through ownership in eLong and a joint venture with Air Asia, Expedia should benefit from an increasing percentage of travel bookings migrating Online. We expect 8-10% growth in normal travel markets, and we see a 10-16x P/E multiple as reasonable.”
Expedia closed on Friday at $59.59.
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