Citi Upgrades Expedia's Rating To Buy

In a report published by Citi, Expedia's EXPE rating is being upgraded to Buy.

Citi said that an almost 40% correction has created an excellent entry point/valuation level for Expedia, still one of the leading global online travel assets. “Trading at 11X 2011 P/E with a 12% FCF yield, EXPE also presents as the Best Value Play among Internet stocks.”

Expedia closed yesterday at $21.00.