Expedia initiated with a Hold at Truist

Truist initiated coverage of Expedia with a Hold rating and $148 price target. The firm says Expedia “presents a turnaround story in progress.” While third-party data suggests Expedia may be turning a corner, Truist awaits more evidence and time to evaluate sustainable improvement, the analyst tells investors in a research note. The firm notes that Expedia’s strategic redesign since 2020 has led to a more unified corporate structure. It questions if the company can improve fundamentals to drive investor sentiment and the “currently depressed” valuation multiples, particularly at a time when macro leisure travel growth is softening.