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Fly News Breaks for December 30, 2019
BKNG, EXPE
Dec 30, 2019 | 08:41 EDT
Guggenheim analyst Jake Fuller said the consensus view appears to be that Expedia (EXPE) has a "bloated cost structure" and that the company will likely target non-marketing operating expense cuts after the resignation earlier this month of its CEO and CFO. However, while there may be cost-cutting opportunities at Expedia, he thinks that a "simple margin comparison" relative to Booking Holdings (BKNG) may "substantially" overstate that opportunity, Fuller tells investors. He argues that most of the margin delta between the two OTAs is driven by take-rate and that Expedia's operating expense as a percentage of bookings is actually close to Booking. Fuller maintains a Buy rating on Expedia with a $135 price target on the shares.
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