Bank of America Merrill Lynch Reiterates Neutral Rating, $62 PT on Expedia

In a report published Monday, Bank of America Merrill Lynch reiterated its Neutral rating and $62.00 price target on Expedia

. BofA Merrill Lynch 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 10-16x P/E multiple as reasonable.” Expedia closed on Friday at $59.59.