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Deutsche Bank Cuts Expedia Price Target and Rating

Shares of online travel planner, Expedia Inc. (NASDAQ: EXPE) plunged on Monday after Deutsche Bank cut its rating on the stock to a “hold” from a “buy”. The price target was slashed to $51 from $66. In a research report, Deutsche Bank’s equity research analyst, Ross Sandler said Expedia was now facing much more intense competition in the U.S. market. Sandler was also critical about Expedia’s decision to replace management team last week, adding that such move could push down the value of the stock towards Deutsche Bank’s estimate while the management transition is taking place.

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