Bernstein lowered the firm’s price target on Expedia (EXPE) to $253 from $256 and keeps a Market Perform rating on the shares. Financially Q4 was a strong finish to 2025, with all three OTAs delivering a top and bottom-line beat, guidance ahead of consensus for 26, and on a full year basis all grew market share profitably in 2025. However, short terms earnings momentum has taken a backseat, and instead concerns over the potential AI disruption of the OTA business model has driven share price performance, Bernstein argues.
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