Expedia Group, Inc. (EXPE) has been one of the stronger performers in the online travel sector over the past year, climbing well off its 52-week low of $185.34. With shares recently trading around $304 and a 52-week high of $342, a growing number of investors are now asking a more ambitious question: can the stock realistically reach $400? That level sits roughly 31% above recent prices and about 17% above the stock's prior peak, making it a meaningful—but not outlandish—price target.
The $400 target is not arbitrary. Several Wall Street firms have recently published price objectives in that vicinity. BTIG raised its target to $400 from $350, while Evercore ISI set a Street-high $430 objective and B. Riley Securities lifted its target to $390. Even so, the broader analyst community is far more restrained. According to MarketBeat data, the consensus rating is a "Hold," with 18 Buy ratings, 22 Hold ratings, and an average target near $318.71—well below $400. The distance between the average target and the $400 question helps explain why investors are debating whether the stock has room to run.
Expedia Group operates a global online travel marketplace, with consumer brands including Expedia, Hotels.com, Vrbo, Orbitz, and Travelocity, alongside a corporate travel arm and a growing B2B technology business. The company generates the vast majority of its revenue from transaction and advertising fees, with a gross margin near 90%.
Its most recent quarter underscored that momentum. For the second quarter of 2026, Expedia reported adjusted earnings per share of $5.76, beating the consensus estimate of roughly $5.22, while revenue grew 14% year over year to $4.32 billion. Gross bookings rose 12% to about $33.9 billion, and adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) climbed 23% to $1.12 billion, lifting the margin by nearly two percentage points.
Expedia's B2B segment has been the clearest growth engine. That division has posted double-digit gross bookings growth for more than 20 consecutive quarters, with a partner network exceeding 70,000 businesses. Management has also signaled continued margin gains from technology replatforming and marketing efficiency, while the company has begun layering in AI tools—including a natural-language search feature on Vrbo—to improve conversion and reduce costs.
Valuation offers some support. At a price-to-earnings ratio around 19, EXPE trades below its historical median multiple, according to several data providers, which suggests the stock is not priced for perfection. Continued share repurchases, a modest dividend, and healthy free cash flow provide additional ballast for a higher valuation.
The clearest headwind is deceleration. Management guided to gross bookings growth of just 5% to 7% for the third quarter, a sharp slowdown from the 12% reported in the second quarter. Several analysts, including Wells Fargo, have trimmed room-night forecasts, citing tougher comparisons and softer European demand tied to Middle East conflict. Because Expedia is heavily exposed to U.S. consumers and North American travel, any domestic slowdown would disproportionately weigh on results.
The AI disruption debate also remains a persistent overhang. Investors continue to question whether AI-powered travel assistants from major technology platforms could disintermediate online travel agencies over time. Finally, insider selling—roughly $5 million over a recent 90-day period, according to SEC filings—adds a minor note of caution.
Analyst price targets span a wide range, from the low $200s to Evercore's $430. The average target of roughly $318 to $340 implies only modest upside from current levels, while the most bullish targets cluster in the $360 to $430 band. Technically, EXPE faces its first meaningful test at the $342 record high. A decisive, sustained break above that level would put the $400 target in play, while failure to hold above prior support could keep the stock rangebound. Because the $400 figure is a clean psychological round number, it may also act as a natural magnet for momentum once new highs are established.
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Reaching $400 is not the base case for most Wall Street analysts, whose average targets sit well below that level. Yet the target is not unrealistic. Expedia's strong B2B franchise, high margins, reasonable valuation, and disciplined capital returns all support the possibility of continued appreciation. To get there, the company would likely need to sustain double-digit B2B growth, avoid a meaningful U.S. travel slowdown, and convince investors that AI disruption fears are overstated. The decisive catalyst would be a confirmed breakout above the $342 record high. Until then, $400 remains an ambitious but plausible stretch goal rather than a near-term certainty. Investors should monitor bookings growth, margin trends, and the stock's behavior around its prior highs.
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A.I.dvisor indicates that over the last year, EXPE has been closely correlated with BKNG. These tickers have moved in lockstep 73% of the time. This A.I.-generated data suggests there is a high statistical probability that if EXPE jumps, then BKNG could also see price increases.
| Ticker / NAME | Correlation To EXPE | 1D Price Change % | ||
|---|---|---|---|---|
| EXPE | 100% | +1.43% | ||
| BKNG - EXPE | 73% Closely correlated | +0.01% | ||
| ABNB - EXPE | 50% Loosely correlated | +1.52% | ||
| MMYT - EXPE | 48% Loosely correlated | +2.06% | ||
| TNL - EXPE | 44% Loosely correlated | +2.11% | ||
| NCLH - EXPE | 44% Loosely correlated | +1.72% | ||
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| Ticker / NAME | Correlation To EXPE | 1D Price Change % |
|---|---|---|
| EXPE | 100% | +1.43% |
| EXPE (2 stocks) | 96% Closely correlated | +0.72% |
| Consumer Sundries (19 stocks) | 80% Closely correlated | +0.16% |
| Consumer Non Durables (182 stocks) | -1% Poorly correlated | +0.20% |