Citi Downgrades Ctrip.com (CTRP) to Sell
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Citi downgrades Ctrip.com (Nasdaq: CTRP) from Buy to Sell. Price target slashed from $53 to $18.
Citi analyst says, "With the macro environment remaining challenging, and anecdotal evidence suggesting companies are increasingly tightening their travel budgets as they observe softening consumer sentiment and slowing business activity impacting their revenue outlook, we believe pressures are unlikely to ease in the near term. Combined with low visibility into when air ticket prices, i.e. Ctrip's absolute commissions, will recover, we take a more cautious stance on the stock."
Ctrip.com International, Ltd. (Ctrip) is a travel service provider for hotel accommodations, airline tickets and packaged-tours in China.
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