UPDATE: RBC Capital Assumes Expedia (EXPE) at Sector Perform
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RBC Capital analyst Brad Erickson assumes coverage on Expedia (NASDAQ: EXPE) with a Sector Perform rating and a price target of $175.00.
The analyst comments "New management is rolling up its sleeves to tackle EXPE’s 24 brands in hopes of driving operating efficiency, a return to growth and, of course, profit. With that said, we think the stock reflects optimistic views around future execution, Vrbo’s LT growth potential and unprecedented margin expansion down the road. Signs of a more significant Vrbo inflection in our channel checks and/or more visible improvements in performance marketing conversion could turn usmore positive, but with sparse evidence of either to date, we’d wait for a pullback on EXPE before getting more constructive."
Shares of Expedia closed at $173.06 yesterday.
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