Expedia (EXPE) PT Lifted to $115 at Cowen on SOTP

Cowen analyst Kevin Kopelman reiterated an Outperform rating and boosted his price target on Expedia (NASDAQ: EXPE) to $115.00 (from $90.00) based on a sum-of-the-parts valuation.

Kopelman commented, "Shares are at all-time highs post-Orbitz news and look expensive at 27X P/E. However, the multiple is misleading given (1) eLong hurts EPS by 15%, (2) Orbitz should add 15%+ to profit, and (3) Trivago, a multi-billion dollar growth asset, is running breakeven. We note Core margins are already improving. Our SOP yields $115/share with upside potential, using 20X P/E for Core & 5X EV/S for Trivago."

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 $94.17 yesterday.

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