Wells Fargo lowered the firm’s price target on Expedia to $149 from $155 and keeps an Equal Weight rating on the shares. The analyst says cuts to Q2 room nights on decelerating core online travel agency traffic trends brings into question the viability of Expedia’s full-year bookings guidance. The stock’s valuation is compelling but Wells needs to see improved business performance and possibly a guidance reset to become more constructive on the shares, the analyst tells investors in a research note.
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