HomeAway (AWAY) Could Be Worth $45 or More in a Potential Takeover, Piper Jaffray Says

In a note today, Piper Jaffray analyst Michael Olson said they believe HomeAway (NASDAQ: AWAY) eventually gets acquired and provided an analysis of potential synergies under such a scenario.

Olson commented, "We believe that HomeAway is an attractive acquisition target and, while our investment thesis is not predicated on an acquisition, we believe that a takeout at some point is probable. Given Priceline's (KAYAK) HomeAway partnership announcement on Monday (6/1), we feel it is appropriate to examine the economics of an acquisition from an acquirer's perspective. We believe an acquirer will pay more attention to vacation rental owner relationships and site traffic as the HomeAway model would likely change significantly post-acquisition. Given the large amount of bookings done on HomeAway's site, we believe that an acquirer could pay $45+ while still retaining solid economics. This viewpoint gives us confidence in our core thesis, that HomeAway's intrinsic value is underrepresented at current levels"

The firm reiterated an Overweight price target of $39 on AWAY.

For an analyst ratings summary and ratings history on HomeAway click here. For more ratings news on HomeAway click here.

Shares of HomeAway closed at $30.12 yesterday.

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