On August 25, Expedia rose 5.13% in regular trading, trading at $337.73/share, with turnover of $2.56 billion. The rally was catalyzed by a wave of Wall Street price target upgrades, headlined by Evercore ISI's August 24 revision from $375 to $430, one of the highest targets on the Street.

The target hikes came in rapid succession: Wedbush raised to $417 from $334 on August 20 maintaining an Outperform rating, Jefferies lifted to $375 from $310 with a Buy rating, and Citigroup adjusted to $345 from $245. BofA Securities, Deutsche Bank, Susquehanna, and Cantor Fitzgerald also raised targets in early August. The upgrades were anchored by Expedia's Q2 earnings, which significantly exceeded expectations — adjusted EPS of $5.76 versus the $5.23 consensus, and revenue of $4.315 billion versus the $4.175 billion estimate, representing a 35.85% year-over-year EPS increase. The company also raised full-year revenue guidance to $16.05-$16.22 billion from the prior $15.6-$16.0 billion range.

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