Deutsche Bank Gives Earnings Preview On Expedia

Deutsche Bank maintains its Buy rating on shares of Expedia EXPE as it believes the company drives strong value to its hotel and airline suppliers and benefit from the secular growth of online travel distribution. Stock remains attractive on not only a consumer rebound theme but for travel advertising, underappreciated Europe/Asia assets and valuation. When Expedia reports after the close on Thursday, Deutsche Bank expect the company to report better top line and in-line bottom line results. Overall online travel trends remain healthy, with occupancy rates still below historic highs and ADR rates continue to trend higher. DB is more cautious on margins given the TripAdvisor-Google disruption in the near-term, but adjusted its numbers accordingly. Deutsche Bank has a $33 PT on EXPE EXPE closed Monday at $33