Expedia initiated with a Hold at HSBC

HSBC initiated coverage of Expedia with a Hold rating and $114 price target. The pandemic accelerated shifts in lifestyle, technology, and behaviors that are shaping travel and leisure and fueling growth, the analyst tells investors in a research note. The firm says innovation and digital commerce are driving “operating model convergence and a broadening of the competitive landscape.” It initiated 13 names in U.S. travel and leisure sector, favoring names “that leverage scale and a differentiated brand to drive sustainable cash generation.”