UPDATE: Citi Upgrades TripAdvisor (TRIP) to Buy
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Citi analyst Jason Bazinet upgraded TripAdvisor (NASDAQ: TRIP) from Neutral to Buy with a price target of $62.00 (from $29.00).
The analyst comments "Tripadvisor is testing a new subscription service that costs $99 per year. Consumers that sign up for Plus will receive the fees that hotels currently pay to the OTAs. Our analysis suggests Plus may reach 10 million subs, akin to a new $1 bn business. (Recall, Tripadvisor generated $1.56 bn in revenues in 2019.) In short, we view Plus as a thesis changer."
Shares of TripAdvisor closed at $49.50 yesterday.
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