TripAdvisor initiated with a Neutral at Wedbush

Wedbush analyst Scott Devitt initiated coverage of TripAdvisor with a Neutral rating and $17 price target. The company’s growth versus 2019 has been entirely supported by Viator and TheFork while the core business remains well below pre-pandemic levels despite healthy post-COVID travel and dining trends, the analyst tells investors in a research note. The firm believes it will be difficult for Tripadvisor to “combat cyclical declines and ongoing competitive challenges affecting the core business.”