Evercore ISI Raises Price Target on Expedia (EXPE) Following DOJ Approval for Orbitz (OWW) Merger

Evercore ISI maintained a Hold rating on Expedia (NASDAQ: EXPE), and raised the price target to $133.00 (from $130.00), following confirmation that the DOJ will not challenge Orbitz (NYSE: OWW) merger.

Analyst Ken Sena commented, "With the confirmation that the DOJ will not challenge the EXPE-OWW merger, we are adjusting our probability weighted outcome for success from 70/30 to 100%, which flows through to another $3 per EXPE share, bringing our target to $133 from $130. Conversely, a blocked deal would have shaved $6 off our target price. In any event, we view the Justice Department’s acknowledgement of the industry’s rapid evolvement, citing TripAdvisor’s Instant Book and Google’s Hotels and Flights products, as appropriate rationale for allowing this merger to proceed."

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 $124.68 yesterday.

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