Mizuho analyst James Lee lowered the firm’s price target on TripAdvisor to $21 from $23 and keeps a Neutral rating on the shares. Despite in-line 1Q results, the recent Google search changes in Europe brought meaningful headwinds to TripAdvisor’s traffic acquisition starting in April, the analyst tells investors in a research note. The firm says the company’s guidance for both Q2 and fiscal 2024 came in below expectations. It continues to view TripAdvisor as a turnaround story with the potential of improving monetization of its large audience base.
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