Jefferies Has Positive Outlook on Expedia (EXPE)

Jefferies initiates coverage on Expedia EXPE with a Buy rating and a $36 price target. In its report to investors, Jefferies writes, "Our Buy rating on Expedia reflects a) a robust distribution platform, which leverages strong brand portfolio and the largest audience WW, b) sizable growth opportunities across different product categories/geographies and c) robust FCF (at $500M+/yr) and attractive valuation at 7x FY11 EBITDA." EXPE closed yesterday at $26.33.