Expedia rises after Jefferies upgrades to 'buy'

Shares of online travel company Expedia Group EXPE.O rise 2.5% to $231.50 premarket

Jefferies upgrades EXPE's rating to "buy" from "hold"; raises price target to $300 from $240

New PT represents a 32.9% upside to stock's last close

Brokerage says EXPE's continued delivery of high-single-digit plus lodging bookings growth and 100+ basis points of annual EBITDA margin expansion reinforce its confidence in the stock

Adds that EXPE's recent acceleration in business‑to‑consumer lodging, positive demand signals across U.S. travel and elevated traffic growth support its constructive outlook

Jefferies says EXPE is set to benefit from more than three-year period of 20%+ earnings growth, with upside from a higher valuation multiple

Median PT of 38 brokerages covering the stock is $268.50 - data compiled by LSEG

As of last close, EXPE was down 20.3% YTD