- The shares of Expedia (NASDAQ: EXPE) have received a $218 price target from Deutsche Bank. These are the details.
The shares of Expedia (NASDAQ: EXPE) have received a $218 price target from Deutsche Bank. And Deutsche Bank analyst Leo Horowitz initiated coverage on Expedia with a “Buy” rating.
Horowitz initiated coverage on the company based on 13x the 2023 EBITDA estimates.
“In short, like the rest of our travel coverage, we believe that the market is under appreciating the power of the post-COVID travel recovery and, by extension, Expedia’s share of this incredibly robust demand backdrop,” wrote Horowitz in a research note. “Put simply, if global leisure accommodations bookings are conservatively up HSD 22 vs 19, we believe with a high degree of confidence that Expedia will beat Street bookings and revenue estimates. That said, we believe Expedia’s top line estimates are biased higher. While we harbor some concerns around margins as the company invests into the recovery, we believe that investors are likely to reward outsized topline beats into the post-COVID recovery and we believe that Expedia falls firmly in that bucket.”
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