Expedia price target raised to $115 from $105 at Citi

Citi analyst Ronald Josey raised the firm’s price target on Expedia to $115 from $105 and keeps a Neutral rating on the shares. Although the broader travel environment remains robust, a mix-shift to more urban bookings, shorter length of stays per booking, lower VRBO conversion rates given its platform migration, and a mix-shift of marketing dollars back to Q3 resulted in Expedia’s Q2 gross bookings coming in 3% below consensus, the analyst tells investors in a research note. The firm looks for margins to improve as Expedia manages demand with its core investments.