UPDATE: Deutsche Bank Reiterates On Expedia Following Beat And Raise Quarter

In a report published Friday, Deutsche Bank analyst Greg Poole reiterated a Hold rating on Expedia (NASDAQ: EXPE), and raised the price target from $70.00 to $80.00.

In the report, Deutsche Bank noted, “Expedia reported a big beat and raise quarter in 2Q, up against very high expectations. Room night growth accelerated in both domestic and intern'l from Travelocity/Easter and easy comps with last year's Tripadvisor and eLong/Qunar issues. We are encouraged by the progress and the growth, but the 2H14 guidance assumes mid-teens growth, or around 12% ex-Travelocity, which we estimate is organic growth. We have missed most of the move at EXPE since mid-2013, and while we increase our estimates, we believe that most of the strong performance is priced in at 18x non-GAAP EPS and 11x EBITDA.”

Expedia closed on Thursday at $79.42.