HSBC upgrades Expedia to Buy with Vrbo turnaround on track

HSBC upgraded Expedia (EXPE) to Buy from Hold with a price target of $215, up from $195. The company’s Q4 brought “encouraging trends” across leisure, business-to-business, advertising, and international, the analyst tells investors in a research note. The firm believes the quarrier provided confirmation that the Vrbo turnaround is on track. HSBC believes Expedia’s business-to-business revenue growth reflected partnership growth as well as its enhanced product offerings.