Wedbush lowered the firm’s price target on Expedia (EXPE) to $165 from $180 and keeps a Neutral rating on the shares. The firm notes Expedia reported mixed Q1 results with gross bookings below expectations, while adjusted EBITDA was ahead of estimates. Management observed pressure on key inbound U.S. corridors, and specifically, the company highlighted that inbound bookings from Canada fell nearly 30%. Importantly, Vrbo and Brand Expedia demonstrated softer year-over-year room night growth in the quarter, while Hotels.com exhibited year-over-year declines, Wedbush notes.
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