Expedia (EXPE) PT Raised to $215 at TD Cowen, Citing 'Big Acceleration'

TD Cowen analyst Kevin Kopelman raised the price target on Expedia (NASDAQ: EXPE) to $215.00 (from $176.00) while maintaining a Hold rating.

The analyst commented: "Big Acceleration; Q4 significantly exceeded exp. at nights +11.6% (Q3 +9%), GBV +12.7% (Q3 +7%) on strong demand, Dec. promos, & B2B. We est. Vrbo Q4 +6%. QTD slowed, driving in-line top line growth guide (25E +6-8% ex-FX), but 25E margins +50 bps adds ~2.5% to EBITDA growth off higher 24A base, with confidence up on Q4 beat & new CFO. Raise 25E EBITDA 4%, EPS 10% (lower SBC, tax); PT $215, 18X 25E P/E."

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