Expedia price target raised to $200 from $160 at B. Riley

B. Riley analyst Naved Khan raised the firm’s price target on Expedia to $200 from $160 and keeps a Buy rating on the shares. The analyst believes the business is positioned for “sustained healthy growth” and margin expansion over the near and medium term, benefiting from a combination of factors, including traction of One Key loyalty, a favorable growth comp for Vrbo in 2024, business-to-business momentum, and increased spend efficiency. With $5B under new stock repurchase authorization as well as “strong and growing” free cash flows, Expedia’s risk/reward is attractive, the analyst tells investors in a research note.