Piper Jaffray Maintains Neutral on Expedia (EXPE)

Piper Jaffray is out with its report today on Expedia EXPE, maintaining Neutral. In a note to clients, Piper Jaffray writes, "While Expedia's core leisure business grew a respectable 13% y/y in the December quarter, TripAdvisor grew revenues 34% y/y (38% y/y 3rd party revenue growth, ~28% intersegment revenue growth). We remain positive on TripAdvisor given its strong consumer value proposition, dominant brand, international growth and high margin profile. TripAdvisor launched localized sites in Korea, Russia, Singapore, and Thailand during the quarter, with the site now available in 27 countries; we expect segment top line growth of 21%/20% in FY11/FY12." Piper Jaffray has a $27 PT on EXPE. At the time of posting, shares of EXPE were trading pre-market at $25.30, even with Friday's close.