Expedia upgraded to Outperform from In Line at Evercore ISI

Evercore ISI analyst Mark Mahaney upgraded Expedia to Outperform from In Line with a price target of $200, up from $135. The analyst believes Expedia is at a fundamental inflection point, with probable revenue growth acceleration and EBITDA margin expansion in 2024. This is not captured in current Street estimates, the analyst tells investors in a research note. The firm says Expedia’s revenue growth acceleration is being driven by a series of sustainable company initiatives and key developments, including the recently completed tech re-platforming of its key brands, the roll-out of its OneKey brand loyalty program, and easing compares.