TD Cowen upgrades Despegar to 'hold' on Prosus buyout deal

Investing.com

2024-12-25

Investing.com -- TD Cowen upgraded Despegar.com Corp (NYSE:DESP) to "hold" from "sell" after the Latin American online travel firm agreed to be acquired by Prosus (OTC:PROSF) for $19.50 per share in cash.

The deal, representing a 33% premium to Despegar's Friday close, values the company at 26 times its expected 2025 earnings.

TD Cowen noted that the valuation is high relative to peers but reflects potential synergies in cost and cross-selling.

Despegar, an online travel platform with a strong presence in Latin America, has faced headwinds recently due to macroeconomic and currency pressures in Brazil. The deal price reflects a turnaround opportunity amid slowing growth relative to industry peers, TD Cowen noted.

Expedia (NASDAQ:EXPE), which owns an 11.4% stake in Despegar, will benefit from the deal but is not expected to make a competing offer, according to TD Cowen. The company has a long-term supply partnership with Despegar, contributing $405 million in gross booking volume in 2023, or 0.4% of Expedia's total.

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The company has a long-term supply partnership with Despegar, contributing $405 million in gross booking volume in 2023, or 0.4% of Expedia's total.</p>\n<p>Related Articles</p>\n<p>TD Cowen upgrades Despegar to 'hold' on Prosus buyout deal</p>\n<p>Starbucks strike to expand to over 300 US stores on Christmas Eve, union says</p>\n<p>Apple seeks to participate in Google's US antitrust trial, Reuters reports</p>\n</body></html>","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>TD Cowen upgrades Despegar to 'hold' on Prosus buyout deal</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTD Cowen upgrades Despegar to 'hold' on Prosus buyout deal\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Investing.com</strong><span class=\"h-time small\">2024-12-25 00:43</span>\n</p>\n</h4>\n</header>\n<article>\n<html><body><p>Investing.com -- TD Cowen upgraded Despegar.com Corp (NYSE:DESP) to \"hold\" from \"sell\" after the Latin American online travel firm agreed to be acquired by Prosus (OTC:PROSF) for $19.50 per share in cash.</p>\n<p>The deal, representing a 33% premium to Despegar's Friday close, values the company at 26 times its expected 2025 earnings.</p>\n<p>TD Cowen noted that the valuation is high relative to peers but reflects potential synergies in cost and cross-selling.</p>\n<p>Despegar, an online travel platform with a strong presence in Latin America, has faced headwinds recently due to macroeconomic and currency pressures in Brazil. The deal price reflects a turnaround opportunity amid slowing growth relative to industry peers, TD Cowen noted.</p>\n<p> <a href=\"https://laohu8.com/S/EXPE\">Expedia</a> (NASDAQ:EXPE), which owns an 11.4% stake in Despegar, will benefit from the deal but is not expected to make a competing offer, according to TD Cowen. The company has a long-term supply partnership with Despegar, contributing $405 million in gross booking volume in 2023, or 0.4% of Expedia's total.</p>\n<p>Related Articles</p>\n<p>TD Cowen upgrades Despegar to 'hold' on Prosus buyout deal</p>\n<p>Starbucks strike to expand to over 300 US stores on Christmas Eve, union says</p>\n<p>Apple seeks to participate in Google's US antitrust trial, Reuters reports</p>\n</body></html>\n<div class=\"bt-text\">\n\n\n<p> 來源：<a href=\"https://finance.yahoo.com/news/td-cowen-upgrades-despegar-hold-164344423.html\">Investing.com</a></p>\n<p>為提升您的閱讀體驗，我們對本頁面進行了排版優化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"DESP","symbol_name":"Despegar.com Corp.","start_time":0,"source_url":"https://finance.yahoo.com/news/td-cowen-upgrades-despegar-hold-164344423.html","article_id":"2494031973","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2494031973","pubTimestamp":1735058624,"columns":[],"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Investing.com --TD Cowen upgraded Despegar.com Corp  to \"hold\" from \"sell\" after the Latin American online travel firm agreed to be acquired by Prosus  for $19.50 per share in cash.The deal, representing a 33% premium to Despegar's Friday close, values the company at 26 times its expected 2025 earnings.TD Cowen noted that the valuation is high relative to peers but reflects potential synergies in cost and cross-selling.Despegar, an online travel platform with a strong presence in Latin America, has faced headwinds recently due to macroeconomic and currency pressures in Brazil. 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