UPDATE: Deutsche Bank Upgrades Expedia to Buy on Compelling Risk/Reward

Deutsche Bank increased its rating on Expedia

from Hold to Buy and increased its price target from $51 to $68. Deutsche Bank noted, "The company is in the middle of a major acceleration from improving conversion rates as a result of its recent website and platform upgrade. At 14x 2013 EPS, EXPE still trades at a 22% discount to PCLN, and we believe consensus EPS estimates could be as much as 15% too conservative for 2013, hence EXPE offers one of the most compelling risk/reward trade-offs in our coverage universe. The key metric we measure EXPE's progress is hotel room night growth, which we believe is poised for acceleration on the back of the platform overhaul." Expedia closed at $57.09 on Thursday.