Jefferies upgraded Expedia (EXPE) to Buy from Hold with a price target of $300, up from $240. The firm says internet multiples have fallen 25% year-to-date and now trade at a record 30% discount to the S&P 500 Index, primarily on AI disintermediation concerns. However, recent developments suggest internet “is evolving into an AI beneficiary,” the analyst tells investors in a research note. Jefferies sees a buying opportunity in Expedia following the pullback. The company is positioned to beat consensus estimates, trades at “notable growth-adjusted” discount, and is less exposed to geopolitical risks, contends the firm.
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