Expedia price target lowered to $165 from $181 at BMO Capital

BMO Capital lowered the firm’s price target on Expedia to $165 from $181 and keeps an Outperform rating on the shares after its Q4 results. The company’s multi-year tech re-platform involves heavy investment in integration to ultimately provide a unified offering and enable enhanced customer experience and access to supply, the analyst tells investors in a research note. The integration of core Expedia, Hotels.com, and Vrbo is also somewhat slower, given worse-than-expected conversion degradation and ad spend pullback, the firm added.