Expedia Inc EXPE reported "robust" third quarter results on Thursday, according to Manish Hemrajani of Oppenheimer. The analyst took the opportunity of analyzing Expedia's results and its implications on Priceline Group Inc PCLN.
Expedia's management mentioned that it is benefiting from one of the strongest travel macro backdrops in recent years led by stability in Europe, which may prove to be more beneficial to Priceline more than it does Expedia.
In each of the past five quarters, Priceline's international revenue growth has outpaced Expedia's growth, according to Hemrajani's analysis.
Expedia's strong quarter results suggest upside to Priceline's third quarter results which is scheduled to be released on November 4. Hemrajani is projecting Priceline will report third quarter gross booking of $14.05 billion on revenue of $2.84 billion. Earnings per share is projected to be $21.14 on estimated EBITDA margins of 47.7 percent.
Hemrajani maintained an Outperform rating on Priceline with a $1,400 price target.
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