TripAdvisor (TRIP) PT Raised to $39 at Stifel After More Positive Earnings
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Stifel analyst Logan Thomas raised the price target on TripAdvisor (NASDAQ: TRIP) to $39.00 (from $26.00) after the company provided positive commentary on core auction trends in tandem with rising expectations for travel and leisure activity as vaccination penetration rises in key markets. Additionally, the company is working to create and merchandise a strong value proposition for the Tripadvisor Plus subscription, which will have a full launch in the first of the year. We are increasing our PT to $39 as we moderately increase long-term numbers and rationalize our view on TRIP's steady-state multiple.
The analyst reiterated the Hold rating, stating "Our PT moves to $39 as a result of our model changes including moderately higher long-term estimates in the Hotel, Media & Platform segment partially offset by lower Other revenue. The terminal value in our DCF-model now contemplates an implied 11x terminal EBITDA multiple, versus 8x previously (the three-year average pre-COVID multiple was ~14x), driving the meaningful change in our target."
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesStifel, Earnings
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