Deutsche Bank Downgrades TripAdvisor (TRIP) to Hold
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Deutsche Bank downgraded TripAdvisor (NASDAQ: TRIP) from Buy to Hold with a price target of $63.00 (from $71.00). Analyst Lloyd Walmsley highlighted several concerns.
"We downgrade shares of TRIP from Buy to Hold and cut our TP to $63 from $71 as the story migrates from a monetization problem to a monetization AND a traffic problem. We see a decline in desktop shoppers and sluggish mobile monetization gains as new risks to an already turbulent IB transition. We would get more positive with more evidence traffic growth can reaccelerate, or if we saw IB and/or mobile monetization clearly improving (beyond easy comps). We see some support to shares on strategic asset value but do not view that as enough to recommend the stock at current levels," said the analyst.
Shares of TripAdvisor closed at $63.59 yesterday.
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