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- Atlantic Equities analyst James Cordwell downgraded Expedia Group Inc EXPE to Neutral from Overweight with a $180 price target (implying 12% upside), which has been rolled forward to year-end 2022.
- Cordwell said while the new management has executed well in driving efficiencies, the resulting benefit to the company's earnings power is "increasingly well understood," and thought that the valuation now appeared "more full."
- The analyst also sees the travel market in 2022 as one more likely to contain "a mixture of headwinds and tailwinds for Expedia," making a more cautious stance on the stock "justified."
- Price Action: EXPE shares are trading lower by 4.2% at $160.08 on the last check Tuesday.
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