TripAdvisor (TRIP) PT Lowered to $15 at TD Cowen

TD Cowen analyst Kevin Kopelman lowered the price target on TripAdvisor (NASDAQ: TRIP) to $15.00 (from $25.00) while maintaining a Hold rating.

The analyst commented, "Q2 trends were worse than expected, with Core rev -10% y/y (vs. Q1 -2%) and Viator GBV +8% (vs. Q1 +15%), both slowing further Q3 QTD. Overall margins, up in 1H, were guided down sharply for 2HE. We now project 24E rev./EBITDA +1%/-4%; 25E +0%/-4%, as deteriorating core offsets improving margins at Viator & Fork. Our $15 25E Sum-Of Parts is based on Core 6X P/E, Viator 1X rev., and Fork 2X rev."

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