Seeking Alpha

Priceline, Expedia rally following Oppenheimer launches

Oppenheimer has launched coverage on Priceline (PCLN +3.4%) and Expedia (EXPE +2.6%) at Outperform. Its PTs are respectively $1,450 and $90.

Priceline has bounced strongly from a May low of $1,087, but remains well below an early March high of $1,378. Expedia, on the other hand, is closing in a February high of $81.78.

Expedia rallied last Friday after announcing it's buying European car rental site Auto Escape. The purchase followed last year's closing of a $632M deal to buy a 61.6% stake in hotel metasearch platform Trivago (big in Europe).

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