Trip.com Group Limited (TCOM) PT Lowered to $75 at Barclays

Barclays analyst Jiong Shao lowered the price target on Trip.com Group Limited (NASDAQ: TCOM) to $75.00 (from $90.00) while maintaining a Overweight rating.

The analyst comments "Both revenues and earnings came in slightly better than expected, with particular strengths seen in trip.com (international bookings up 60% yoy in 2025 and 2026 to date) and outbound, while domestic accommodation ADR recovered to yoy increases during CNY holiday. Management provided a solid Q1 outlook and commented on continued strength seen quarter to date, especially around Chinese New Year travel demand. The slightly better Q4 revenues were mostly offset by slightly higher Q4 expenses, while gross margins remained solid. A recently launched antitrust investigation by regulators will likely remain an overhang on the shares, hence we lower our target multiple pending clarity on the outcome of the investigation."

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