8:52 am Expedia initiated with a Buy at Miller Tabak; tgt $150
Miller Tabak initiates EXPE with a Buy and price target of $150. Firm sees compelling risk reward at current levels and start with a favorable view on EXPE. Following a 2016 spent in digesting acquisitions, they believe EXPE is now well positioned to gain traction on multiple fronts given secular growth in the online travel industry, by aggressively expanding its supplier network in Int\'l markets (Europe, APAC, and LatAm) where it remains under-indexed, and unlocking the growth potential of HomeAway under Brand Expedia.
8:52 am Enable Midstream Partners initiated with a Hold at Stifel; tgt $16
Stifel initiates ENBL with a Hold and price target of $16. Firm notes ENBL has one of the enviable gathering and processing footprints in the emerging SCOOP/STACK plays in the Midcon. Additionally, the partnership continues to generate the majority of its margin through fee-based contracts. Despite the attractive footprint and contract mix, they are initiating coverage with a Hold rating as the partnership currently trades at an EV/NTM LP Adj EBITDA multiple of 12.1x firm\'s estimate. This is modestly below its peer comp group currently trading at 13.7x on average, but above its trailing one-year average of 11.3x and in line with its trailing six-month average. Read More