Oppenheimer Maintains Outperform On Orbitz As September Mobile Trends Suggests Strong Uptake
In a research report issued today, Oppenheimer analyst Manish Hemrajani maintained an Outperform rating on Orbitz Worldwide (NYSE:OWW) with a $9.50 price target, which represents a potential upside of 28% from where the stock is currently trading.
Hemrajani noted, “We recently upgraded OWW to Outperform with our key thesis being higher uptake of its loyalty program initiative. comScore mobile data for September showed Orbitz mobile traffic up 84% YoY at 4.9M Unique Visitors (UVs). This data point, we believe, further validates our thesis of acceleration in mobile trends, which we believe should translate in to higher uptake of Orbitz’s loyalty program, higher Hotel attach rates and subsequent room night growth. Additionally, Orbitz has limited FX exposure (positive in a strong dollar environment) given its high US revenue mix with International accounting for just 19% of bookings.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Manish Hemrajani has a total average return of 3.7% and a 38.5% success rate. Hemrajani has a -0.2% average return when recommending OWW, and is ranked #1465 out of 3335 analysts.