UPDATE: Oppenheimer Initiates Coverage On Orbitz

In a report released Tuesday, Oppenheimer analyst Manish Hemrajani initiated coverage on Orbitz Worldwide (NYSE: OWW) with a Market Perform rating.

Analysts at Oppenheimer prefer Priceline and Expedia due to more opportunity with larger balance sheets, but are confident on Orbitz's ongoing operations with growth in international markets, its loyalty platform and development of its mobile platform.

Oppenheimer projects larger online travel companies such as Priceline and Expedia to take most of the international growth opportunity.

The analysts covering Orbitz claim they are waiting for a better entry point with more innovation in its loyalty program.