Tripadvisor (TRIP) PT Raised at Wunderlich on Updated Hotel Listings, Imminent Liberty Spin-Off
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Rating Summary:
11 Buy, 29 Hold, 8 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 11 | New: 14
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Wunderlich Securities analyst Blake Harper raised his price target on TripAdvisor (NASDAQ: TRIP) to $100.00 (from $88.00) but maintained a Hold rating.
Harper said the updated Hotel Listings page should lead to both a better user experience and better monetization. In addition, the company closed its acquisition of Viator and announced a partnership with Uber, which should expand its local reach and monetization through the year.
The analyst also noted that this week Liberty (NASDAQ: LINTA) plans to spin-off its 22% economic and 57% voting stake in TRIP into a new company called Liberty TripAdvisor Holdings (TripCo). "We view the spin off as a precursor to an eventual combination that enables TRIP to consolidate the voting control in a cash/stock deal," Harper said. "Given a 10-20% premium for the voting shares, we estimate the total dilution could be 2-4% if paid all in shares."
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 $101.99 yesterday.
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