Citi’s Mark Mahaney may have been impressed by Expedia’s (EXPE) solid Q1, but Goldman Sachs certainly wasn’t. GS says they’re only “marginally adjusting” their estimates after Q1 results because the beat was driven by an “Easter shift that benefits 1Q2008 revenue.” Goldman:
While 1Q results were slightly ahead of estimates, our view is largely unchanged given that comps will become more difficult throughout 2008, in addition to the fact that the competitive, economic and industry landscapes will likely continue to create challenges. As a result, we expect the shares to remain in their current range.
Goldman maintains its Neutral rating and $26 6-month price target.
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