Piper Jaffray Remains Neutral On Expedia, Lowers PT To $27 (EXPE)

Piper Jaffray remained Neutral on Expedia EXPE and lowered Expedia's price target to $27 from $28 in a research report published today. In the report, Piper Jaffray states, "The primary question going forward is to what level Expedia will be able to capitalize on the investments it will make in FY11 in the longer-term opportunities available to its emerging businesses (TripAdvisor, Hotels.com, mobile, particularly in Asia & Latin America). We adjust our FY11/FY12 PF EPS estimates to $1.82/$2.06 from $1.88/$2.14 previously, and we expect EPS growth to accelerate each quarter through FY11 after Q1. Expedia's Q4 results were mixed with revenue of $808M, 1% above the Street's $801M expectation, while PF EPS of $0.32 was 12% below the $0.36 expectation." Shares of Expedia were at $21.81 in pre-market trading at the time of posting, down 15.10% from Thursday's market close.