Susquehanna Maintains Bullish Stance on Expedia (EXPE) Despite Increased Spending

Susquehanna analyst Brian Nowak reiterated a Positive rating and $97 price target on Expedia (NASDAQ: EXPE) following Q3 results.

"Solid beat and increased 4Q investment spending, but businesses and drivers for multi-quarter revision story still in place," Nowak said.

On spending he added, "This isn't the first time EXPE has invested to improve its product (remember the platform rebuild of '13?), and the good news is the investments are yielding benefits as EXPE's 24% domestic room night growth came in ~300bp higher than us. EXPE's 24% int'l room night growth was also better than our 22% growth, with int'l ex eLong growing "essentially consistent" with 2Q's 26% YoY (we were at 17%)."

For an analyst ratings summary and ratings history on Expedia click here. For more ratings news on Expedia click here.

Shares of Expedia closed at $80.73 yesterday.

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