Shares of Expedia Group Inc. and Airbnb Inc. traded higher Wednesday, after analysts wrote that online-travel booking “trends remain robust on pent-up demand and a resilient consumer.”
Oppenheimer analysts on Wednesday upgraded the stock of Expedia EXPE , whose brands include Hotels.com, Orbitz and Vrbo, to outperform from perform and established a $120 price target on expectations that the company is well-positioned to surpass its prepandemic performance. Shares of Expedia were up about 5% to $99.20 in intraday trading.
Shares of Airbnb ABNB , the bigger name in alternative accommodations, were also up sharply, nearly 6% in intraday trading. That’s despite the analysts writing that third-party data indicates the company has supply issues, and is being affected by travel returning to prepandemic patterns. See also: Airbnb hosts say bookings ‘fell off a cliff’ amid influx of new vacation rentals and rising prices
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