Expedia Group (NASDAQ:EXPE) turned around after an initial post-earnings rally and fell 11.33% in early Monday trading. Some traders have said that weak guidance from hotel heavyweight Hilton Worldwide is factoring in to the reversal.
Other travel-related stocks like Booking Holdings (BKNG -5.2%), Airbnb (ABNB -4.8%), Marriott International (MAR -3.7%) and TripAdvisor (TRIP -2.4%) also moved lower.
On Wall Street, Bank of America remained constructive on Expedia (EXPE) on multiple signs of latent travel demand from airlines, hotels and Visa earnings calls. The firm expects a big summer 2022 for travel. BofA kept a Buy rating on EXPE and clipped the price objective slightly to $225, which is based on a 50-50 blend of P/E and SOTP valuation, based on slightly lower 2023 estimates.
Elsewhere, Deutsche Bank raised its price target on EXPE to $235 from $218, while Mizuho Securities upped its PT to $172 from $155 on the view that inflationary tailwinds will continue to support EBITDA in the near term.
No comments:
Post a Comment