Expedia price target lowered to $170 from $205 at JPMorgan

JPMorgan lowered the firm’s price target on Expedia (EXPE) to $170 from $205 and keeps a Neutral rating on the shares. The firm reduced estimates, multiples, and price targets on 25 companies across its internet coverage based on the tariff impact, macro headwinds, and a potential recession. JPMorgan economists suggest a 60% chance of recession in 2025 and that U.S. real GDP declines in the second half of 2025, the analyst tells investors in a research note. The firm believes e-commerce, online travel, and digital advertising names are the most exposed. Streaming subscriptions, cloud, and rides and food “should prove relatively more resilient,” JPMorgan predicts. “There is no macro immunity in the Internet space, only degrees of resilience,” the firm writes.