Credit Suisse Starts Expedia (EXPE) at Outperform
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Rating Summary:
23 Buy, 32 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 0 | Down: 0 | New: 0
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Credit Suisse initiates coverage on Expedia (NASDAQ: EXPE) with a Outperform rating and a price target of $145.00.
Analyst Paul Bieber comments "Following a year of digesting acquisitions in 2016, we think Expedia's focus will return to driving higher conversion rates on Expedia.com, which we think will help support mid-to-high teens room night growth in 2017. In addition, greater visibility on HomeAway's progress toward achieving $350mn in EBITDA in 2018 coupled with a public market valuation for Trivago (TRVG-NR) underscore the SOP valuation thesis. From a short-term tactical perspective, we expect Expedia to provide 2017 EBITDA growth guidance below the Street in January owing to cloud and HomeAway investments and modest Trivago margin expansion in 2017, and we would use a disappointing EBITDA outlook as a buying opportunity. Our model assumes 2017 EBITDA growth of 15% y/y vs. the Street at 20% y/y.
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 $117.62 yesterday.
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