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Fly News Breaks for December 4, 2019
EXPE
Dec 4, 2019 | 10:19 EDT
Piper Jaffray analyst Michael Olson said he does not think investors will be "overly disappointed" with a change in upper management at Expedia given the challenges illustrated in Q3 results and guidance and the credibility issues that came from the company raising guidance after Q2 only to lower it again. However, he also sees the "wholesale removal and replacement" of both its CEO and CFO due to their disagreement with the board as something that will likely result in an ongoing multi-quarter transition period for the company. Olson, who does not see the issues presented in the Q3 results as likely to be remedied imminently, keeps a Neutral rating and $124 price target on Expedia shares.