UPDATE: Jefferies Raises PT on Expedia to $35

Jefferies is out with its report today on Expedia EXPE, raising its PT from $31 to $35. In a note to clients, Jefferies writes, "At $28.99, EXPE trades at 6.2x EV/EBITDA, 13.0x P/E, and 1.1x P/E/G on CY12 estimates. Our $35 PT is based on a 5-year DCF." Jefferies reiterates Buy on EXPE. Shares of EXPE closed Thursday at $28.99, down 2.99% from Wednesday's close.