Balanced Hold on Expedia: Strong B2B-Driven Execution Offset by Persistent B2C Weakness and Valuation Caution

Analyst Kevin Kopelman from TD Cowen maintained a Hold rating on Expedia and decreased the price target to $260.00 from $300.00.

Kevin Kopelman has given his Hold rating due to a combination of factors, balancing Expedia’s solid execution with ongoing strategic concerns. He highlights that recent quarterly results were robust, with strong growth in room nights and gross booking value, especially in the B2B segment, and meaningful margin expansion driven by marketing efficiencies and cost controls that are expected to carry into the first half of 2026.

At the same time, he notes that the core B2C business remains a relative weak spot and is not expected to show significant improvement in the near term, which tempers the overall growth narrative. While he raises forecasts for 2026–2027 revenue, EBITDA, margins, and EPS, he also trims the price target by applying a more cautious earnings multiple, reflecting both execution upside and lingering uncertainty, resulting in a balanced Hold stance on the shares.

According to TipRanks, Kopelman is a 4-star analyst with an average return of 6.3% and a 56.55% success rate. Kopelman covers the Consumer Cyclical sector, focusing on stocks such as Carnival, Expedia, and Marriott International.

In another report released today, Barclays also maintained a Hold rating on the stock with a $260.00 price target.