UPDATE: Oppenheimer Downgrades TripAdvisor (TRIP) to Perform

(Updated - November 6, 2015 9:35 AM EST)

Oppenheimer downgraded TripAdvisor (NASDAQ: TRIP) from Outperform to Perform.

Analyst Jed Kelly commented, "We are lowering our rating on TRIP to Perform from Outperform and removing our $97 price target on shares. Since assuming coverage, we have looked upon TRIP as one of the most unique asset classes in online travel. Our positive longer-term outlook for TRIP is unchanged. However, in the short term, we are increasingly concerned that modestly softer hotel shopper trends, particularly against more challenging comparisons, and near-term monetization drag from "Instant Booking" (IB), will cap multiple expansion. IB roll-out to PCLN's brands and large global hotel groups (7 of top 10), should eventually enhance earnings long term, especially as revenue leakage and improving mobile monetization eventually equates to higher revenue per hotel shopper. However, over the next six months, we view the risks for TRIP shares as more skewed to the downside."

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 $83.11 yesterday.

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