Bernstein SocGen has reiterated a Market Perform rating on Expedia Group Inc. (NASDAQ: EXPE) and left its price target at $256 following the company’s fourth-quarter report. At the time of the note the $256 target represented roughly 20% upside from the then-current share price of $212.67, and InvestingPro data indicated analyst price targets spanned from $225 to $387.
The firm highlighted several operational positives in the quarter. Expedia’s B2B revenue growth accelerated to 24% year-over-year, an increase of 6 percentage points relative to the prior quarter. All three of the company’s B2C brands recorded consecutive quarters of growth, and the company’s momentum supported a 90.12% gross profit margin. Over the last twelve months, Expedia’s revenue rose 7.61%.
Following the results, Bernstein SocGen lifted its fiscal 2026 EBITDA estimate by 7%. Management’s revenue guidance pointed to 5.5% growth at the midpoint when excluding foreign exchange effects, and the company indicated capital expenditures would be flat year-over-year. The firm also noted management’s growing commentary around AI investment as part of its outlook.
Bernstein SocGen observed that the stock had fallen about 27% from recent highs and was trading at 12.6 times 2026 EBIT. Despite the operational and margin improvements and the revised EBITDA estimate, the firm maintained a neutral stance on the shares.
Other broker activity following the quarter was mixed. Expedia reported fourth-quarter 2025 adjusted earnings per share of $3.78, ahead of analyst expectations of $3.25, and revenue of $3.55 billion versus a consensus of $3.41 billion. The company’s EBITDA beat prior street estimates by 11%.
Cantor Fitzgerald trimmed its price target for Expedia to $245 from $285 but kept a Neutral rating, citing concerns tied to AI. Citizens reiterated a Market Perform rating and pointed to improvements in Expedia’s execution of strategic priorities.
Operational metrics reported for the quarter included total room nights and bookings growth of 9% and 11% year-over-year, respectively; bookings were up 10% excluding foreign exchange effects. These figures were presented alongside commentary that Expedia continues to emphasize personalized, AI-driven features and promotions as part of its value delivery.
While the quarter showed top-line and margin strength, analysts remain cautious overall. Bernstein SocGen’s neutral rating reflects a wait-and-see posture despite the company’s raised EBITDA outlook, steady capex plan, and the potential tailwind from a strong U.S. event calendar in fiscal 2026.