Piper Jaffray analyst Michael Olson Overweight reiterated and Overweight rating and $90 price target on TripAdvisor (NASDAQ: TRIP) saying thew would be buyers on the pullback following results after the close.

Olson commented, "Shares of TRIP traded down in after hours trading after TripAdvisor reported optically weak results and lowered guidance. We would be buyers on this pullback as it is consistent with our expectations that near-term Instant Book (IB) is dilutive, longerterm will prove accretive. Recall that Instant Book's long-term model involves a take-rate auction bidding process, which should drive up monetization. Furthermore, IB should improve conversion and reduce leakage, which we believe will cause revenue tailwinds in late 2016/early 2017. Longer-term, Instant Book will drive significant revenue growth once commission rates begin to rise and conversion improves. We are lowering '16 ests for conservatism, '17 remains unchanged. Reiterate OW and $90 PT"

The firm lowered FY 2015 EPS from $2.02 to $1.96 and FY 2016 EPS from $2.59 to $2.22.

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 $83.11 yesterday.