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Expedia Stock Tanks After Q4 Earnings, CEO Departure: ‘Solid Execution Is Critical’

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Shares of Expedia Group Inc (NASDAQ: EXPE) were tanking Friday after the travel company reported fourth-quarter earnings and announced a new CEO.

The results came amid an exciting earnings season. Here are some key analyst takeaways from Expedia’s quarterly report. 

BofA Securities On Expedia Group

Analyst Justin Post downgraded Expedia from Buy to Neutral while lowering the price target from $181 to $156.

Expedia reported fourth-quarter bookings of $21.7 billion, short of Street expectations of $22.2 billion, “with pressure on airline & Vrbo bookings,” Post said in the downgrade note.

Expedia’s revenue beat was due to “lodging mix driving higher take rates,” while the EBITDA was also slightly above Street expectations, he added.

“Mgmt. guided to 1Q bookings growth at low to mid-single digits, below Street at 7%, on tougher comps, air bookings pressure, and slow Vrbo recovery post re-platforming.” 

Piper Sandler On Expedia Group

Analyst Thomas Champion reiterated an Overweight rating while reducing the price target from $180 to $175.

Expedia’s stock came under pressure on weaker results for the fourth quarter and the transition announcement for CEO Peter Kern, Champion said.

“We continue to like the efficiency focus & B2B is growing 25%+ y/y,” the analyst wrote. “We still see opportunity for multiple expansion vs travel peers as EXPE executes on a technology transformation and re-tooling of the rewards program,” he added.

JPMorgan On Expedia Group

Analyst Doug Anmuth reaffirmed a Neutral rating while raising the price target from $115 to $136.

“EXPE reported 4Q results mostly in line with Street expectations across key metrics, but likely light of higher buyside expectations, coupled with a mixed outlook across 1Q & 2024,” Anmuth wrote in a note.

“We come away incrementally positive on the progress of the transformation, improvements & streamlining of the tech stack, further margin expansion, and a more upbeat tone to go on the offensive, but solid execution is critical while macro uncertainty remains an overhang,” he said.

Goldman Sachs On Expedia Group

Analyst Eric Sheridan reiterated a Buy rating while lifting the price target from $190 to $195.

The fourth-quarter results were “the culmination of a year in which Expedia underwent a broad transformation of…

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