RBC Capital Raises Price Target on Expedia (EXPE) Following 3Q Earnings Results
RBC Capital reiterated an Outperform rating on Expedia (NASDAQ: EXPE), and raised the price target to $180.00 (from $170.00), following the company's 3Q earnings results. EXPE Revenue reached $1.94B, up 16% Y/Y (up 27% ex-FX) with strong Int’l results. And EBITDA reached $469MM, up 15% Y/Y, including a $17MM decrease from OWW. Finally, EPS of $2.07 was just above the Street’s $2.04.
Analyst Mark Mahaney commented, "EXPE reported another intrinsically strong result in Q3, with Revenue and EBITDA roughly in-line with the Street, and strong fundamental Metrics. Management tightened up its 2015 EBITDA growth guide. We reit Outperform and bump up our PT to $180. Note that EXPE will be presenting at our TMT Conference in NYC on Tuesday, November 10th."
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Shares of Expedia closed at $127.06 yesterday.