UPDATE: Goldman Sachs Raises PT to $47 on Expedia on Margins, Updated Share Count

Goldman Sachs reiterates its Neutral rating on Expedia

but raises its price target from $35 to $47. Goldman Sachs comments, "We raise our 12-month price target multiple from 6X to 8X 2013E EV/EBITDA estimate vs. broader Internet average at 12X to reflect company's improving growth and margin profile, and the impact of capital allocation actions, though still keeping a discount to the broader group due to Expedia's slower growth relative to the sector. As a result of the multiple change and share count revisions, our price target goes from $35 to $47." EXPE closed at $47.03 on Friday.