Citi Upgrades Expedia (EXPE) to Buy; Attractive Valuation
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Citi upgrades Expedia Inc (Nasdaq: EXPE) from Hold to Buy. Price target increased from $8 to $14.
Citi analyst says, "EXPE's stock dropped 74% in 2008 and has been trading at a trough 3X-4X EV/EBITDA multiple since November. We believe the two primary reasons for this have been: 1) Recessionary pressure on leisure travel spend & 2) Perceived market share losses vs. direct travel suppliers and Online Travel Agencies (OTAs), principally Priceline (Nasdaq: PCLN)...What has changed, however, has been the outlook for EXPE fs market share. This is due both to steps that Expedia has specifically taken - its March 11th elimination of air bookings fees - and to general industry conditions suggesting a share shift back from direct suppliers to OTAs. These two factors (the Two Factor Flywheel), along with what has been for several months an intrinsically attractive valuation, are the key factors behind our EXPE upgrade."
To see more analyst ratings on EXPE Click Here.
Expedia, Inc. is an online travel company.
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