Investing.com -- HSBC upgraded Expedia Inc (NASDAQ:EXPE) to Buy from Hold on “encouraging” trends across its leisure, B2B, advertising, and international businesses. HSBC also raised its price target on the stock to $215 from $19 on operational efficiency and productivity gains.
HSBC noted that Expedia’s Vrbo unit showed strong momentum in the fourth quarter, with system room night growth of 11.6% year-on-year, driving a 12.5% rise in lodging gross bookings. B2B revenue climbed 20.6% year-on-year, significantly outpacing the B2C segment, while advertising revenue grew 17.6%.
The bank lifted its 2025-27 free cash flow estimates by around 3%, citing sustained lodging demand, stable airline ticket margins, and robust B2B and advertising revenue growth. It also highlighted Expedia’s ability to leverage first-party data for AI-driven customer targeting as a key long-term advantage.
Downside risks include weaker consumer demand, rising competition, regulatory challenges, and higher-than-expected tech investments, HSBC said.
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