Cantor Fitzgerald Raises Price target on Expedia (EXPE) to $130 Following EPS Beat
Cantor Fitzgerald reiterated a Buy rating on Expedia (NASDAQ: EXPE), and raised the price target to $130.00 (from $120.00), following 2Q results. Revenue was $1,654M vs. consensus of $1,640M. EPS of $0.89 was above consensus' $0.84.
Analyst Naved Khan commented, "2Q results were comfortably ahead of Street expectations, with Expedia's major brands delivering healthy growth in bookings, revenue, and EBITDA. We view the continued strength in organic room nights growth 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 continue to see potential for upside from faster and anticipated growth in Wotif and Travelocity as they get optimized for performance following integration with Expedia. We're maintaining our BUY and revising our PT to $130 (from $120)."
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Shares of Expedia closed at $107.61 yesterday.