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Orbitz Worldwide Downgraded on Valuation by Goldman

Shares of Orbitz Worldwide, Inc. (NYSE:OWW) are trading lowered in the open as a result of a downgrade from Goldman. The online travel booking site was downgraded to from neutral to sell, but the price target was maintained at $8 a share. Goldman believes that Orbitz is trading at a premium compared to the rest of the industry. For example, according to Goldman, “Orbitz is up 23% YTD versus the group up 5%.” In addition, Goldman cited slower growth and higher systematic risk with Orbitz as reasons for the downgrade.