TD downgrades Expedia on longer than expected turnaround

TD Cowen downgraded Expedia to Hold from Buy with a price target of $150, up from $130. The firm says Expedia’s weak business-to-consumer business, which drove guidance cuts the past three quarters, may take longer than expected to turn around. The company also faces tough 2025 cost cut compares, the analyst tells investors in a research note. TD sees a balanced risk/reward on Expedia shares at current levels.