TripAdvisor (TRIP) PT Lowered to $23 at DA Davidson Following 1Q

DA Davidson analyst Tom White lowered the price target on TripAdvisor (NASDAQ: TRIP) to $23.00 (from $24.00) while maintaining a Buy rating following the company's 1Q earnings report. 1Q revenues of $278M declined 26% Y/Y and were 4% below consensus. 1Q EBITDA of $40M decreased 55% Y/Y below $55M consensus.

TRIP's CEO Stephen Kaufer sounds optimistic that TRIP will have an important role to play in the broader recovery of travel, as suppliers/OTAs may need to lean in to marketing channels like TRIP during the early days of the recovery.

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