TripAdvisor price target lowered to $22 from $30 at Wells Fargo

Wells Fargo analyst Brian Fitzgerald lowered the firm’s price target on TripAdvisor to $22 from $30 on lowered margin expectations/Adjusted EBITDA estimates, while keeping an Equal Weight rating on the shares. The momentum in travel demand recovery continued into Q3 and TripAdvisor beat Street expectations for revenue and Adjusted EBITDA, the analyst notes. Travel fundamentals in Q4 remain strong, but a mix shift to lower-margin lines and continuing investment in Viator are expected to drive Adjusted EBITDA margin down sequentially beyond regular seasonality, Fitzgerald adds.