Expedia ( EXPE), the world's largest online travel agent (OTA) in terms of gross bookings, offers travel products and services. Of the 20 analysts covering the stock, 40% recommended buying, while the remaining advise holding. On an average, analysts polled by Bloomberg expect a 35.2% upside from current levels. The company estimates its advertising and media business, including TripAdvisor Media Network, at $1 billion and its operating income before amortization (OIBA) to exceed 50%. Media business, which accounts for 12% of global revenue, is seen expanding in the upcoming months. Expedia estimates online advertising to grow by 10%, 11% and 15% in North America, Europe and Asia, respectively. Meanwhile, online share consumer travel spending is seen expanding by 54%, 37% and 21% in North America, Europe and Asia, respectively. Based on a strong product portfolio, sizeable growth opportunities across different products and geographies, and a robust cash flow of $500 million or more annually, Jefferies believes that Expedia has a strong growth potential. Beginning 2011, Expedia acquired Michigan-based Mobiata, a maker of mobile travel applications like FlightTrack, FareCompare and HotelPal. The same company is the architect of several iPhone travel apps. In a scenario where an increasing number of travelers are using smartphones and other portable devices for their travel needs, Expedia's competitive strategy will likely prove profitable in the future. Benchmark Capital believes that the company's revenue margin is likely to experience modest expansion, supported by escalating average daily rate recovery and moderating airfare increases, as capacity veers to the right track. Further international expansion, mainly in Europe and the Asia-Pacific region, may push the company's total bookings to grow by 12% year-over-year, revenue by 15%, OIBA growth by 19% and earnings per share by $2 in 2011. Almost 40% of the company's revenue is generated from outside the U.S.