Benchmark Maintains a 'Hold' on Expedia (EXPE); Platform Continues to Pay Dividends
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Price: $326.73 +0.14%
Rating Summary:
22 Buy, 37 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 10 | Down: 12 | New: 19
Rating Summary:
22 Buy, 37 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 10 | Down: 12 | New: 19
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Benchmark maintains a 'Hold' on Expedia (NASDAQ: EXPE) price target of $55.00 (from $40.00).
Analyst, Daniel L. Kurnos, said, "As with 1Q, the majority of the outperformance stemmed from domestic strength in hotel, with Expedia brand standalone booked hotel room-night growth accelerating from mid-single digits in 1Q to over 10% in 2Q, which helped drive a 16% y/y increase in domestic stayed room-nights...We expect
room-night growth will continue to be supported by benefits from the platform
migration and more aggressive marketing spend beginning in 3Q, somewhat offset by FX and incremental softening within the European travel environment."
"We raise our 2012 estimates, with gross bookings growth up from 12.5% to 15% to reflect the robust room-night growth and VIA travel acquisition. We now anticipate 15% (11% prior) revenue growth to $3.97 billion. Our adjusted EBITDA estimate comes up by $22 million to $788 million, up 11% y/y. Adjusted EPS could be $3.05 ($2.85 prior). Our 2013E EPS also rises from $3.45 to $3.50."
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 $45.71 yesterday.
Analyst, Daniel L. Kurnos, said, "As with 1Q, the majority of the outperformance stemmed from domestic strength in hotel, with Expedia brand standalone booked hotel room-night growth accelerating from mid-single digits in 1Q to over 10% in 2Q, which helped drive a 16% y/y increase in domestic stayed room-nights...We expect
room-night growth will continue to be supported by benefits from the platform
migration and more aggressive marketing spend beginning in 3Q, somewhat offset by FX and incremental softening within the European travel environment."
"We raise our 2012 estimates, with gross bookings growth up from 12.5% to 15% to reflect the robust room-night growth and VIA travel acquisition. We now anticipate 15% (11% prior) revenue growth to $3.97 billion. Our adjusted EBITDA estimate comes up by $22 million to $788 million, up 11% y/y. Adjusted EPS could be $3.05 ($2.85 prior). Our 2013E EPS also rises from $3.45 to $3.50."
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 $45.71 yesterday.
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