Expedia (EXPE) PT Raised to $155 at Mizuho Securities
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Mizuho Securities analyst James Lee raised the price target on Expedia (NASDAQ: EXPE) to $155.00 (from $135.00) while maintaining a Neutral rating ahead of the company's 2Q. Lee expects room night growth for 2Q21 to come in ahead of consensus due to a faster recovery in the US and a mix shift to VRBO.
Management disclosed that the company has received a binding offer from American Express Global Business Travel to acquire Egencia. As per deal terms, Expedia will receive 14% ownership of the combined entity valued at nearly $750m and a 10-year lodging supply agreement with EPS which could generate $60m EBITDA.
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