Oppenheimer upgrades Expedia to Outperform after nearly 50% selloff

Oppenheimer analyst Jed Kelly upgraded Expedia (EXPE) to Outperform from Perform with a $120 price target. After declining 48% in the last 12 months, the stock is largely discounting the current macro headwinds but not reflecting improvements to Expedia’s "unified tech stack," Kelly tells investors in a research note. The analyst sees the stock equating to a higher mix from business-to-business and loyalty, two revenue channels "carrying more consistent margin profiles." Kelly highlighted Booking Holding (BKNG) as his top pick in online travel along with the upgrade of Expedia.