Goldman Sachs Downgrades Expedia (EXPE) to Sell
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Goldman Sachs analyst Heath Terry downgraded Expedia (NASDAQ: EXPE) from Neutral to Sell with a price target of $50.00 (from $126.00).
The analyst comments "We realize the risk in downgrading Expedia, as it’s already well-understood that travel is in a depressed state, a recession is likely, and the stock is already down over 50% from its pre-crisis high. That said, with EXPE already up over 28% off its lows, we believe the risk is high that investors may be overly optimistic about the prospects for a sharp recovery in online travel or Expedia’s ability to fully participate given the company’s balance sheet and the need to reduce costs and investments."
Shares of Expedia closed at $64.50 yesterday.
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