Expedia (EXPE) PT Raised to $140 at RBC Capital Following 'Intrinsically Strong' Q2
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Rating Summary:
23 Buy, 32 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 11 | New: 14
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RBC Capital analyst Mark Mahaney reiterated an Outperform rating and raised his price target on Expedia (NASDAQ: EXPE) to $140.00 (from $130.00) following an "intrinsically strong Q2 – surprisingly strong, given intra-quarter management public commentary -- with better than expected Bookings, Revenue, EBITDA, EPS, and Room Night growth."
The keys to the quarter, according to Mahaney: 1) Strong Unit Growth – Room Night growth accel’ed to a multi-year high of 35% Y/Y (24% Domestic & 50% International), while Air Tickets Sold growth accel’ed to 26% Y/Y -- this is likely the best evidence that EXPE is executing very well; 2) Expanding Hotel Inventory – EXPE added 27k hotels in Q2, adding more hotel inventory in H1:15 than in all of 2014; 3) Trivago Chugging Along – a very solid 23% net revenue growth in H1:15; 4) EXPE Still Hoping To Close OWW In Q4 – which should bring a lot of synergies… & 5) Boosting The Dividend – a 33% increase to $0.24 per share…a very rare sighting in Internet-land.
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 $107.61 yesterday.
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