UPDATE: Bank of America Reiterates Buy Rating, Raises PT on Expedia on Strong 4Q, Accelerating Trends

In a report published Friday, Bank of America analyst Justin Post reiterated a Buy rating on

, and raised the price target from $75.00 to $86.00. In the report, Bank of America 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 10-18x P/E multiple as reasonable.” Expedia closed on Thursday at $65.14.