) 1Q should come in slightly ahead of Street expectations, with healthy growth across all segments. Jefferies is maintaining a Buy/$31 PT. Expedia reports 1Q on Thu., April 28. Jefferies expects better than expected 1Q, with $805M in revenue and $0.27 in normalized EPS vs. Street expectations of $795M and $0.26, respectively. Jefferies notes that consensus and its estimates does not reflect the impact from Japan, Mid-East and North Africa and weather. Jefferies expects $7.4B in gross bookings, with Leisure at $6.84B and Egencia at $560M. Leisure revenues should total $673M, TripAdvisor Network $93M and Egencia $39.4M. US hotel Average Daily Rate grew 3.1% Y/Y in 1Q vs. 1.9% in 4Q, while Occupancy was up 5.7% in 1Q vs 7.1% Y/Y 4Q, according to STR. In Europe, Occupancy was up 3.0% Y/Y while ADR was up 5.7% in 1Q, vs. Occupancy/ADR growth of 4.3%/7.1% in 4Q. While resolution of EXPE-AA dispute creates an incremental upside, Jefferies expects mgt. to reiterate FY11 outlook for mid-single-digit OIBA growth in FY11, given the hit to Japanese travel, the Middle-East unrest and competition from Google Places. Current consensus is for 3% Y/Y growth in OIBA. EXPE is trading lower at $24.36