UPDATE: Jefferies Raises PT on Expedia on Solid 4Q Results

In a report published Wednesday, Jefferies reiterated its Hold rating on Expedia

, and raised its price target from $56.00 to $70.00. Jefferies noted, “Expedia reported solid 4Q results with rev growth of +24% Y/Y, driven by robust hotel performance across all geographies. Gross bookings grew +19% Y/Y, driven by accelerating hotel room nights growth (+33% Y/Y) and +12% Y/Y growth in air tickets sold. Declining rev per room night and rev per ticket remained major headwinds in the quarter. We reiterate our Hold and raise PT to $70 as we roll valuation one year forward.” Expedia closed on Tuesday at $67.50.