As previously reported, Needham analyst Brad Erickson assumed coverage of Expedia with a Hold rating, saying that while he finds the valuation on the stock "arguably attractive" and its international supply compelling, he also sees a "lack of fundamental upside" in a tough competitive alternative accommodation industry. The analyst notes that his channel checks suggest Expedia's Vrbo is losing market share to Airbnb, adding that with its multiple likely tied to Vrbo's trajectory "for the foreseeable future". Erickson further contends that a more bullish rating would require greater Vrbo relevance in urban areas and "around festivals, events and conferences."