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Nomura Securities Maintains a 'Neutral' on TripAdvisor (TRIP); Q1 Review - Raising PT & Estimates

May 2, 2012 9:38 AM EDT Send to a Friend
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Price: $101.87 -2.53%

Rating Summary:
    11 Buy, 18 Hold, 2 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 13 | Down: 13 | New: 28
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Nomura Securities maintains a 'Neutral' on TripAdvisor (Nasdaq: TRIP) price target raised from $32 to $34.

Analyst, Brian Nowak, said, "TripAdvisor reported strong 1Q:12 adjusted EBITDA of $84mn, 4% (or $3mn) above our estimate of $81mn and 7% above the Street’s of $79mn. Higher cost-per-click advertising (up +21% vs. our +9%) drove the beat. Flowing through the beat and our new higher CPC estimates, we now see 2012 adjusted EBITDA of $349mn (8% yoy growth), up from our old estimate of $327mn. We raise our px tgt to $34 on higher estimates, but the same multiple of 11x 2013 EBITDA. Trading at a 70% premium to the median EV/EBITDA multiple of its vertical-specific peer group, we are cautious of the company’s current valuation."

For an analyst ratings summary and ratings history on TripAdvisor click here. For more ratings news on TripAdvisor click here.

Shares of TripAdvisor closed at $0.00 yesterday.




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