Benchmark Upgrades Expedia (EXPE) to Buy after Q3 Results; Strong Execution
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Price: $245.07 --0%
Rating Summary:
21 Buy, 38 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 3 | Down: 6 | New: 29
Rating Summary:
21 Buy, 38 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 3 | Down: 6 | New: 29
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Benchmark upgraded Expedia (NASDAQ: EXPE) from Hold to Buy with a price target of $67.00 following third quarter results.
The firm comments, "We are raising our rating on shares of Expedia (EXPE) from Hold to Buy as continued solid execution, strong organic tailwinds and an aggressive expansion strategy have allowed the Company to gain market share and record accelerating results despite the challenging macro environment. While the initial stages of the global platform migration have already yielded impressive results, including a significant improvement in the core Expedia brand, Expedia still stands to benefit from the rollout of its revamped air and package platforms over the next couple quarters. Furthermore, we anticipate Expedia will continue to gain share and begin to see modest leverage in 2013, with at least low double-digit cash flow growth
sustainable on a long-term basis."
Benchmark raised FY12 and FY13 estimates, calling for 16% bookings growth in 2012 and 13.5% in 2013, up from 15% and 10%, respectively.
For an analyst ratings summary and ratings history on Expedia click here. For more ratings news on Expedia click here.
Shares of Expedia closed at $51.25 yesterday.
The firm comments, "We are raising our rating on shares of Expedia (EXPE) from Hold to Buy as continued solid execution, strong organic tailwinds and an aggressive expansion strategy have allowed the Company to gain market share and record accelerating results despite the challenging macro environment. While the initial stages of the global platform migration have already yielded impressive results, including a significant improvement in the core Expedia brand, Expedia still stands to benefit from the rollout of its revamped air and package platforms over the next couple quarters. Furthermore, we anticipate Expedia will continue to gain share and begin to see modest leverage in 2013, with at least low double-digit cash flow growth
sustainable on a long-term basis."
Benchmark raised FY12 and FY13 estimates, calling for 16% bookings growth in 2012 and 13.5% in 2013, up from 15% and 10%, respectively.
For an analyst ratings summary and ratings history on Expedia click here. For more ratings news on Expedia click here.
Shares of Expedia closed at $51.25 yesterday.
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