Expedia price target raised to $135 from $120 at Oppenheimer

Oppenheimer analyst Jed Kelly raised the firm’s price target on Expedia to $135 from $120 and keeps an Outperform rating on the shares. Though Q4 revenue and EBITDA missed consensus estimates, this was not indicative of the current demand environment where January’s lodging bookings accelerated to +20% of 2019 vs. Q4’s +4%, the analyst tells investors in a research note. The firm believes the market is underappreciating Expedia’s unified tech-stack creating a more consistent earnings grower.