Expedia downgraded to Underweight from Neutral at Piper Sandler

Piper Sandler downgraded Expedia (EXPE) to Underweight from Neutral with a price target of $135, down from $174. The company’s Q1 results were mixed with bookings and revenue missing expectations by 1%, offset by better EBITDA, the analyst tells investors in a research note. The firm says management’s commentary around U.S. inbound travel and the business-to-consumer business “was discouraging and suggests a tough slog from here.” It could also get incrementally worse, says Piper, which cut estimates and downgraded Expedia to Underweight.