Nomura Securities Maintains a 'Neutral' on TripAdvisor (TRIP); Raising PT and Estimates
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Price: $10.74 -2.1%
Rating Summary:
9 Buy, 31 Hold, 9 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
9 Buy, 31 Hold, 9 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Nomura Securities maintains a 'Neutral' on TripAdvisor (NASDAQ: TRIP) price target from $27.50 to $32.
Analyst, Brian Nowak, said, "TRIP has outperformed the market by 1,300bp since 3/12/12, as the company’s EV/EBITDA multiple has risen to new highs. We do a deep dive into TRIP’s 3 CPC revenue buckets – CPC from Expedia, Priceline, and “other” hotels/OTAs. Our research shows PCLN and other hotels are increasing spend but not enough to drive significant positive revisions or justify the current multiple.. We are now 2% above consensus 2012E EBITDA. The lack of negative revisions keeps us at Neutral, but with valuation at an all-time high, we are cautious heading into 1Q:12 earnings as we struggle to find significant positive revisions. 2012E/2013E EPS from $1.23/ $1.49 to $1.32/ $1.55."
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 $35.67 yesterday.
Analyst, Brian Nowak, said, "TRIP has outperformed the market by 1,300bp since 3/12/12, as the company’s EV/EBITDA multiple has risen to new highs. We do a deep dive into TRIP’s 3 CPC revenue buckets – CPC from Expedia, Priceline, and “other” hotels/OTAs. Our research shows PCLN and other hotels are increasing spend but not enough to drive significant positive revisions or justify the current multiple.. We are now 2% above consensus 2012E EBITDA. The lack of negative revisions keeps us at Neutral, but with valuation at an all-time high, we are cautious heading into 1Q:12 earnings as we struggle to find significant positive revisions. 2012E/2013E EPS from $1.23/ $1.49 to $1.32/ $1.55."
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 $35.67 yesterday.
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