Bernstein analyst Richard Clarke downgraded TripAdvisor to Market Perform from Outperform with a price target of $26, down from $28. The analyst cites valuation for the downgrade with the shares up nearly 40% year-to-date. The company guided 2023 core revenue not returning to 2019 levels and investments offsetting any cost savings, which is well below previous expectations, the analyst tells investors in a research note. TripAdvisor’s investment phase means it is "not enjoying the fruits of a buoyant start to the year with January a step back from Q4," adds the firm.
Published first on TheFly
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