Citi raised the firm’s price target on Expedia (EXPE) to $206 from $177 and keeps a Neutral rating on the shares. The company delivered better-than-expected Q2 results whereby gross bookings and EBITDA came in 2% and 6% above consensus, while room-nights growth reaccelerated to 7% in Q2 led by international growth, the analyst tells investors in a research note. There was also an uptick in U.S. demand trends in July, the firm added. Hotels.com gross bookings decline continued however as Vrbo bookings declined on lower ADRs, Citi states.
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