03:25 PM EDT, 05/06/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We cut our 12-month target to $120 from $149, 10.1x our 2024 EPS, near the low end of EXPE's historical trading range of 10x-28x. We lower our 2024 EPS to $11.89 from $12.49 and 2025's to $14.76 from $15.74. EXPE posted Q1 adj-EPS of $0.21, $0.38 above consensus. Revenue of $2,889M (+8.4% Y/Y) was $80M above consensus. Adj-EBITDA rose 38% Y/Y to $255M vs. $181M consensus, with margin widening to 8.8%. Gross bookings grew 3% Y/Y, led by a 4% Y/Y rise in lodging bookings, with the hotel segment growing 12% Y/Y. However, Vrbo experienced a slower-than-expected increase in top-line growth following its technical migration to OneKey. As a result, EXPE now anticipates revenue growth to be in the mid- to high-single-digit range, with margins remaining relatively flat in 2024. In our view, while we're encouraged by OneKey's growth in new members (+40% Y/Y), the risk/reward trade-off for EXPE shares appears unfavorable given the challenges associated with rebuilding Vrbo's traffic, while also driving P&L efficiencies.