Jefferies Reiterating Buy On Expedia (EXPE)

Jefferies & Co. is reiterating its Buy rating and $36 price target on shares of Expedia EXPE. In a note sent to investors, Jefferies writes, "Given the positive data points on travel spend and key metrics for Hotel and Air booking QTD, we believe that Expedia business is tracking in-line/slightly ahead of our expectations for 4Q. Continued improvement in the travel environment also bodes well for FY11 outlook. We recommend purchase given the recent weakness." Shares of EXPE gained 12 cents yesterday to close at $25.69.