Benchmark Maintains a 'Hold' on Expedia (EXPE); Raising Numbers on Quarterly Beat; Remain Cautious
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Price: $323.76 -0.13%
Rating Summary:
22 Buy, 37 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
22 Buy, 37 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Benchmark maintains a 'Hold' on Expedia (NASDAQ: EXPE) price target raised from $33 to $40.
Analyst, Daniel L. Kurnos, said, "Expedia reported strong 1Q12 results, with gross bookings up 15% to $8.42 billion, well ahead of consensus at $7.95 billion, driven by a 5% sequential acceleration in hotel room-night growth. Despite a modest decline in revenue margin, net revenue grew 12% y/y to $816 million, $24 million ahead of consensus...We raise our 2012 estimates, with gross bookings growth up from 8% to 12.5% to reflect the robust room-night growth. We now anticipate 11% (7% prior) revenue growth to $3.83 billion. However, our adjusted EBITDA estimate comes up by just $14 million to $766 million, up 8% y/y. Adjusted EPS could be $2.85 ($2.80 prior)."
"We believe shares merit some multiple expansion given the strong results and potential for upside, but caution that growth is likely to remain more modest until 4Q12."
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 $32.63 yesterday.
Analyst, Daniel L. Kurnos, said, "Expedia reported strong 1Q12 results, with gross bookings up 15% to $8.42 billion, well ahead of consensus at $7.95 billion, driven by a 5% sequential acceleration in hotel room-night growth. Despite a modest decline in revenue margin, net revenue grew 12% y/y to $816 million, $24 million ahead of consensus...We raise our 2012 estimates, with gross bookings growth up from 8% to 12.5% to reflect the robust room-night growth. We now anticipate 11% (7% prior) revenue growth to $3.83 billion. However, our adjusted EBITDA estimate comes up by just $14 million to $766 million, up 8% y/y. Adjusted EPS could be $2.85 ($2.80 prior)."
"We believe shares merit some multiple expansion given the strong results and potential for upside, but caution that growth is likely to remain more modest until 4Q12."
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 $32.63 yesterday.
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