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EXPE

Expedia

$119.17

-1.6 (-1.32%)

07:13
12/07/17
12/07
07:13
12/07/17
07:13

Expedia downgraded to Neutral at MKM Partners on lower earnings outlook

As reported earlier, MKM Partners analyst Christopher Agnew downgraded Expedia to Neutral from Buy and cut his price target to $115 from $170. Agnew cites "significantly lower earnings outlook" for the company as well as "cyclical and structural uncertainties" for online travel agencies over the next several quarters, though longer term, the analyst says fundamentals may not be broken. Agnew says the stock is not expensive at 10-times consensus EBITDA, but any recovery in stock price depends upon more clarity on "multiple fronts".

EXPE Expedia
$119.17

-1.6 (-1.32%)

12/05/17
LEHM
12/05/17
UPGRADE
Target $18
LEHM
Overweight
Snap upgraded to Overweight from Equal Weight at Barclays
Barclays analyst Ross Sandler upgraded Snap (SNAP) to Overweight from Equal Weight and raised his price target for the shares to $18 from $11. The stock closed yesterday down 30c to $13.57. With the company's pricing transition in the later stages, Snap may start hitting or exceeding consensus revenue estimates and accelerating growth in 2018, Sandler tells investors in a research note. He thinks the investor narrative in 2018 can change from Facebook (FB) "is killing" Snap to "these companies can co-exist" like Priceline (PCLN) and Expedia (EXPE). Further, Sandler highlights Snap's high short interest relative to peers, especially considering its founders own around 50% of the shares. The analyst feels now is a good time to start accumulating Snap.
12/05/17
ARGS
12/05/17
DOWNGRADE
ARGS
Hold
Expedia downgraded to Hold from Buy at Argus
Argus analyst John Staszak downgraded Expedia to Hold from Buy, saying the rating change reflects the company's "reduced 2018 guidance and prospects for increased spending on employee compensation, technology, and marketing next year." Staszak notes that while the investments are necessary to address competitive threats from larger firms, they may weigh on operating margins and free cash flow in the short run. The analyst also cites Expedia's slowing growth in the U.S. - a market that accounts for some 60% of the overall bookings - given that major hotels are increasingly reserving rooms through their own websites. Staszak lowers his FY17 EPS forecast to $4.50 from $5.40 and his FY18 forecast to $5.60 from $6.90.
12/05/17
12/05/17
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Expedia (EXPE) downgraded to Hold from Buy at Argus with analyst John Staszak saying the rating change reflects the company's "reduced 2018 guidance and prospects for increased spending on employee compensation, technology, and marketing next year." 2. TJX (TJX) downgraded to Buy from Conviction Buy at Goldman Sachs with analyst Lindsay Drucker Mann saying she sees clearer near-term catalysts for Tapestry (TPR), which was added to the Conviction Buy List, and maintains a Buy rating on TJX given its advantaged business model and expectations for Marmaxx improvement. 3. Allegiant Travel (ALGT) downgraded to Neutral from Buy at Buckingham. 4. Madison Square Garden (MSG) downgraded to Equal Weight at Morgan Stanley with analyst Benjamin Swinburne noting the shares have outperformed the broader Media space significantly year-to-date, narrowing the stock's discount to the company's net asset value. 5. Robert Half (RHI) downgraded to Underperform from Neutral at Macquarie with analyst Hamzah Mazari citing accelerating technology risks around disruption of the accounting and office admin staffing business. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
12/07/17
MKMP
12/07/17
DOWNGRADE
MKMP
Neutral
Expedia downgraded to Neutral from Buy at MKM Partners

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