Susquehanna analyst Brian Nowak lowered his price target on Neutral-rated Expedia (NASDAQ: EXPE) to $79.00 (from $84.00) following Q1 results.

Nowak commented, "Last night, EXPE reported solid 1Q results as revenue of $1.2bn was 1% above us and 2% above the Street. The beat vs. us was driven primarily by higher than expected air revenue that was 6% ($7mn) ahead of us, due in part to a larger than expected Travelocity benefit. Hotel revenue was ~in-line with us."

He added, "Adj. EBITDA beat us by 3% ($3mn), but the beat was driven by higher than expected D&A, which more than offset higher opex -- namely tech & content. As such, EPS of $0.16 missed our estimate by 23% (5 cents)."

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Shares of Expedia closed at $73.87 yesterday.