Online Travel Stocks Outperforming; Deutsche Bank Suggests Expedia Stole Back Top Spot from Tripadvisor
Shares of Expedia (NASDAQ: EXPE) are leading the online travel sector higher Tuesday afternoon, now up 2.5 percent on very heavy volume. With about three hours left in the trading session, more than 6 million shares of Expedia have already traded hands. Normal daily volume for Expedia is usually just over 4 million shares.
Deutsche Bank's Ross Sandler issued a research note this morning suggesting Expedia has won back the top spot from Tripadvisor (NYSE: TRIP). The analyst cited recent proprietary data. Sandler believes Tripadvisor's shift toward a meta search has caused instability within the company.
Sandler maintains a Buy rating and $66 price target on shares of Expedia.
With the stock last trading at $50.97, Sandler's price target implies potential upside of about 29 percent.
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