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Oppenheimer upgrades Expedia to Outperform after nearly 50% selloff
The Fly

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.

Published first on TheFly

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