Expedia (EXPE) PT Raised to $200 at Cantor Fitzgerald

Cantor Fitzgerald analyst Deepak Mathivanan raised the price target on Expedia (NASDAQ: EXPE) to $200.00 (from $170.00) while maintaining a Neutral rating.

The analyst commented, “On the top-line, we expect EXPE's 2Q25E GBs to grow +4% y/y (+3% y/y ex-FX) vs. prior guidance of (2- 4% y/y). We are modeling RNs to decelerate 2-pts to +4% y/y. At a segment level, we are modeling B2C revenues to accelerate modestly +1% y/y given the stabilizing consumer demand trends and B2B growth of +13% y/y. On profitability, we are currently modeling EBITDA margin expansion of +90bps y/y to 23% which is near the high-end of prior guidance. On 3Q25E, we expect total bookings to grow +5% y/y (+3% y/y ex-FX), slightly above street estimates of +3% y/y. We are currently modeling RN growth to accelerate 1-pt to +5% y/y primarily driven by improved demand outlook for B2C. We think EXPE’s 3Q EBITDA guidance should reflect modest y/y margin expansion. For FY25E, we expect that EXPE will likely maintain FY25E top-line guide of 2-4% y/y driven by stable demand environment and favorable FX rates. Similarly, we expect EBITDA margin guidance of +75-100bps y/y expansion to remain in-tact.”

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