Citi Reiterates Neutral Rating on Expedia (EXPE), '4Q23 results were mixed'
Citi analyst Jason Bazinet reiterated a Neutral rating and $155.00 price target on Expedia (NASDAQ: EXPE)
The analyst comments "Expedia’s 4Q23 results were mixed. Gross Bookings of $21.7 billion (+6% Y/Y) came in ~1% below consensus, revenue of $2.9 billion (+10% Y/Y) was in-line, and adjusted EBITDA of $532 million (18.4% margin) came in ~1% above consensus. Booked room nights rose 9% Y/Y, in-line with our projection. Expedia also announced that Ariane Gorin, President of Expedia for Business, will succeed Peter Kern as CEO effective 05/13/24. On the call, we’ll be most focused on GB demand trends in January; insights on the rollout of One Key in the U.S.; post platform unification, execution progress, particularly at VRBO; direct traffic trends; marketing plans and efficiency; and profitability outlook, among others."
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Shares of Expedia closed at $159.47 yesterday.