Expedia price target lowered to $145 from $155 at Citi

Citi analyst Ronald Josey lowered the firm’s price target on Expedia to $145 from $155 and keeps a Neutral rating on the shares. Expedia reported mixed 4Q results with gross bookings coming in 1% below consensus and EBITDA came in 1% above consensus, the analyst tells investors in a research note. The firm says lower Vrbo conversion rates, more challenging Air bookings, and investments in brand and international expansion led to lower than expected Q1 guidance. It looks for greater visibility in gross bookings and profitability, both of which should materialize as the business is better positioned post its platform migration.