Nomura Securities on Online Travel Agencies: Recap of U.S. Travel Agencies Conference Call
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Rating Summary:
23 Buy, 3 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
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Nomura Securities on Online Travel Agencies by Brian Nowak
Nowak said, "A recap of the U.S. Travel Agencies conference call hosted on August 17. We initiated coverage of the U.S. Online Travel Agencies (OTAs) – priceline.com (Nasdaq: PCLN)(Reduce, PT $450), Expedia (Nasdaq: EXPE)(Neutral, PT $32), and Orbitz (NYSE: OWW)(Neutral, PT $2.75) – with an overall negative stance and thematic view. We focus on three key themes. Google and Bing continue to actively build out their online travel products which are a threat to the OTAs’ traffic and value propositions. The U.S. market is going to become more difficult to grow in for the OTAs as large hotel brands and the consolidating airlines work to decrease their use of the OTAs. We are wary of the near-term margin pressure for U.S. OTAs as they invest to grow in APAC."
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Nowak said, "A recap of the U.S. Travel Agencies conference call hosted on August 17. We initiated coverage of the U.S. Online Travel Agencies (OTAs) – priceline.com (Nasdaq: PCLN)(Reduce, PT $450), Expedia (Nasdaq: EXPE)(Neutral, PT $32), and Orbitz (NYSE: OWW)(Neutral, PT $2.75) – with an overall negative stance and thematic view. We focus on three key themes. Google and Bing continue to actively build out their online travel products which are a threat to the OTAs’ traffic and value propositions. The U.S. market is going to become more difficult to grow in for the OTAs as large hotel brands and the consolidating airlines work to decrease their use of the OTAs. We are wary of the near-term margin pressure for U.S. OTAs as they invest to grow in APAC."
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