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In a report published Monday, Deutsche Bank analyst Greg Poole reiterated a Buy rating on Expedia
EXPE, and raised the price target from $80.00 to $86.00.
In the report, Poole noted, “Expedia represents the best risk/reward in the online travel sector today, we believe. Shares have come off over 20% following 1Q results which were above consensus, an over-reaction considering the ~2% hit to FY core EBITDA. We agree that heightened competitive dynamics appear to be more damaging for EXPE's US business than for PCLN's Europe business, evidenced by the recent Hotwire share loss to Priceline Express Deals. We think these concerns are overblown, and believe EXPE is likely to outperform on its 2Q13 results as it comps the VIA margin drag and as Trivago hits its seasonal uplift. At 15x EPS, 14% below PCLN's multiple, we would add to positions.”
Expedia closed on Friday at $58.10.
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