Expedia (EXPE) Price Target Raised to $110 at Cantor Fitzgerald on Solid Core Results
Cantor Fitzgerald analyst Naved Khan reiterated a Buy rating and boosted his price target on Expedia (NASDAQ: EXPE) to $110.00 (from $95.00) following solid core results in Q1.
Khan commented, "1Q results (excl. eLong) topped Street expectations, with Expedia's major brands delivering healthy growth in bookings, revenue and EBITDA. We view the sequential acceleration in room nights as a sign that the company's efforts in driving conversions and bookings (through a combination of improved product offerings, promotions, loyalty and a growing property selection) are working well, enabling it to grow faster than the overall market. We also note that both Wotif and Travelocity could represent potential upside to our numbers, post integration of these acquisitions. We're maintaining a BUY and revising PT to $110 (from $95)."
The firm is adjusting FY:15 estimates to $6,607M in revenues, $1,082M in EBITDA and $3.67 in NEPS, from $6,591M, $1,083M and $3.68, previously. For 2Q, they now expect $1,702M, $268M and $0.93, respectively vs. $1,703M/$271M/$0.93, previously.
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Shares of Expedia closed at $94.23 yesterday.