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.
美国银行证券分析师贾斯汀·波斯特将Expedia集团（纳斯达克：EXPE）的评级从中立上调至买入，并将目标价从187美元上调至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.
分析师表示，2024年美国的预订、报告的OTA过夜数和每间可用房收益（RevPAR）数据一直在低个位数的范围内，但他看到早期迹象表明有适度改善，这可能表明2025年国内休闲消费支出的正常化。
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.
尽管Expedia由于B2C过夜数增长缓慢和收入（2024年第三季度下降1%）面临情绪挑战，与同行相比，分析师指出，由于更容易的对比基数和在VRBO及Hotels.com的更好定位，趋势在2025年可能会改善。
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，他对Expedia能够满足华尔街对2025年10% EBITDA增长的预期更加有信心，这得益于选举后的美国消费者情绪改善和广告贡献的增加，后者在2024年第三季度增长了32%，明年可能为EBITDA增长贡献3个百分点。
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.
最后，长线情绪对Expedia依然谨慎，但分析师补充说，一支执行力更强的新管理团队可能会重新点燃投资者的兴趣，并支持市盈率扩张。
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).
投资者可以通过景顺休闲和娱乐可交易ETF（纽交所：PEJ）以及Amplify信托的Amplify旅游科技ETF（纽交所：AWAY）来获得对该股票的曝光。
Price Action: EXPE shares are up 2.73% at $185.58 at the last check Wednesday.
价格行动：在最后一次检查时，EXPE的股票上涨2.73%，报185.58美元。
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Photo: II.studio/Shutterstock.com.
照片: II.studio/Shutterstock.com.
译文内容由第三方软件翻译。
