Expedia's Turning Point? BofA Sees Upside With VRBO Gains And Post-Election Boost
Expedia's Turning Point? BofA Sees Upside With VRBO Gains And Post-Election Boost
Post says that he is more confident that Expedia can meet Street expectations for 10% EBITDA growth in 2025, supported by improving U.S. consumer sentiment post-election and a growing contribution from advertising, which rose 32% in the third-quarter 2024 and could account for 3 points of EBITDA growth next year.BofA Securities analyst Justin Post upgraded Expedia Group, Inc. (NASDAQ:EXPE) to Buy from Neutral and raised the price target to $221 from $187.
美國銀行證券分析師賈斯汀·波斯特將Expedia集團（納斯達克：EXPE）的評級從中立上調至買入，並將目標價從187美元上調至221美元。
The analyst says that U.S. bookings, reported OTA nights, and RevPAR data had been trending at low single digits in 2024, but he is seeing early signs of modest improvement, which may indicate a normalization in domestic leisure travel spending into 2025.
分析師表示，2024年美國的預訂、報告的OTA過夜數和每間可用房收益（RevPAR）數據一直在低個位數的範圍內，但他看到早期跡象表明有適度改善，這可能表明2025年國內休閒消費支出的正常化。
While Expedia faced sentiment challenges due to soft B2C nights growth and revenues (-1% in the third-quarter of 2024) compared to peers, the analyst notes trends can improve in 2025 due to easier comps and better positioning at VRBO and Hotels.com.
儘管Expedia由於B2C過夜數增長緩慢和收入（2024年第三季度下降1%）面臨情緒挑戰，與同行相比，分析師指出，由於更容易的對比基數和在VRBO及Hotels.com的更好定位，趨勢在2025年可能會改善。
Post says that he is more confident that Expedia can meet Street expectations for 10% EBITDA growth in 2025, supported by improving U.S. consumer sentiment post-election and a growing contribution from advertising, which rose 32% in the third-quarter 2024 and could account for 3 points of EBITDA growth next year.
波斯特表示，他對Expedia能夠滿足華爾街對2025年10% EBITDA增長的預期更加有信心，這得益於選舉後的美國消費者情緒改善和廣告貢獻的增加，後者在2024年第三季度增長了32%，明年可能爲EBITDA增長貢獻3個百分點。
Lastly, long-only sentiment remains cautious on Expedia, but a new management team with stronger execution could reignite investor interest and support multiple expansion, adds the analyst.
最後，長線情緒對Expedia依然謹慎，但分析師補充說，一支執行力更強的新管理團隊可能會重新點燃投資者的興趣，並支持市盈率擴張。
Investors can gain exposure to the stock via Invesco Leisure and Entertainment ETF (NYSE:PEJ) and Amplify ETF Trust Amplify Travel Tech ETF (NYSE:AWAY).
投資者可以通過景順休閒和娛樂可交易ETF（紐交所：PEJ）以及Amplify信託的Amplify旅遊科技ETF（紐交所：AWAY）來獲得對該股票的曝光。
Price Action: EXPE shares are up 2.73% at $185.58 at the last check Wednesday.
價格行動：在最後一次檢查時，EXPE的股票上漲2.73%，報185.58美元。
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Photo: II.studio/Shutterstock.com.
照片: II.studio/Shutterstock.com.
譯文內容由第三人軟體翻譯。