Morgan Stanley cut Expedia Group, Inc. (NASDAQ:EXPE) to Underweight from Equal Weight on September 16 as a new analyst took over coverage, with a $235 price target about 20% below where the stock had been trading. Analyst Matthew Cost's argument is that Expedia is losing the race for users. By Morgan Stanley's count, its monthly active users were flat year over year in the second quarter while Booking.com grew about 6% and Airbnb about 10%. Marketing is Expedia's highest cost, so flat users mean paying to win back the same traveler every year while rivals add new ones.
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