Piper Jaffray analyst Michael Olsen reiterated an Overweight rating on TripAdvisor (NASDAQ: TRIP) following Q1 results but cut his price target to $110.00 (from $125.00) as the multiple were taken lower.

Olsen comments, "With >250m monthly uniques and improving monetization through the transition to metasearch (and mobile instant booking launching more widely in the near future), TripAdvisor is best positioned to take advantage of continued growth in online travel
advertising spend ($51b in travel advertising, ~20% is online). TripAdvisor made significant changes to the user interface and bidding platform last year, which initially impacted monetization, but resulted in monetization recovering to, and ultimately pushing through, previous levels and we expect it will continue to improve, with the next major step change coming in mobile monetization. TripAdvisor reported decelerating hotel shopper growth in Q1, but it's becoming clear that the meta transition is working and the company's guidance for acceleration in revenue growth suggests increasing optimism."

The firm bumped FY 2014 EPS from $2.10 to $2.20 and FY 2015 EPS from $2.65 to $2.75.

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 $81.37 yesterday.