Jefferies Cuts Price Target on TripAdvisor (TRIP) to $59 Following Mixed 3Q
Jefferies maintained a Buy rating on TripAdvisor (NASDAQ: TRIP), and cut the price target to $59.00 (from $68.00), following the company's 3Q earnings report. Total revenue was reported at $421MM, below the Street's $437MM. Operating EPS of $0.53 beat consensus by $0.01 on lower tax rate.
Analyst Brian Fitzgerald commented, "TripAdvisor reported further dilution (lower monetization and delayed revenue recognition) from the global Instant Booking (IB) roll-out and continuing shift to mobile (lower monetization). The product portfolio and platform are positioned well for LT growth (US market showing good indications) but getting there will take time and put further pressure on profitability. We maintain our Hold and lower PT to $59."
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 $52.63 yesterday.