Why HomeAway (AWAY) Stock Is Heading Higher Today

HomeAway (AWAY) stock has started rising following coverage by SunTrust.

HomeAway185SunTrust analyst Robert S. Peck started coverage of HomeAway with a Buy rating. A price target of $40 was also set for the stock. AWAY stock closed at $33.13 on Tuesday, reports StreetInsider.

Peck noted that HomeAway has strong financial and revenue of $449 million. He said that SunTrust estimates that the company’s revenue could increase to $644 million in 2016. The analyst also said that the company has a global reach with 1 million listings and annual bookings of $10 billion to $13 billion, StreetInsider notes.

HomeAway’s and Expedia have also recently extended their partnership from late 2013. This extension allows Expedia to list 115,000 of the company’s vacation rental locations on its website, reports Forbes.

AWAY shares were up 1% as of Wednesday afternoon.

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