UPDATE: Citi Color on Expedia PT Increase

Citi, which raised its PT on shares of Expedia Inc. EXPE “We hosted a meeting in Seattle with EXPE's management (CEO Dara Khosrowshahi and CFO Mike Adler),” Citi writes. “While there was no disclosure re: near-term trends, our overall takeways combined with recent industry trends make us incrementally more constructive on the shares. “Our prior $29 PT was predicated on a long-term-market discount 13X '2012 P/E. We believe such a discount is no longer warranted. Hence, the PT increase.” Expedia closed Monday at $26.93.