B.Riley analyst Naved Khan downgraded TripAdvisor (NASDAQ: TRIP) from Buy to Neutral with a price target of $19.00 (from $26.00).

The analyst comments: "We're downgrading Tripadvisor from Buy to Neutral to reflect a deterioration in Core (i.e., Brand Tripadvisor) revenue growth and margins, implied in management's outlook. While a slowdown in travel and high competition are presenting headwinds to top-line growth, mgmt's planned investments into initiatives to position the business for sustainable growth will hurt margins in the near term. We also note that Viator's bookings have seen a step-down over the past several quarters, and we no longer view a spin-off of the business as a near-term event, removing a potential catalyst for the stock. Given the headwinds in core and lack of NT catalysts (barring the re-emergence of a buyer, into which we have no visibility), we opt to move to the sidelines."

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Shares of TripAdvisor closed at $16.32 yesterday.