Expedia price target lowered to $143 from $199 at Wells Fargo

Wells Fargo analyst Ken Gawrelski lowered the firm’s price target on Expedia (EXPE) to $143 from $199 and keeps an Equal Weight rating on the shares. While the firm believes new management has done an exemplary job of operating the Expedia assets to date, it sees heavy North American exposure as posing a greater risk to estimates near term. Checks and traffic data suggest softening trends beginning mid-February, Wells adds.