As previously reported, Guggenheim downgraded TripAdvisor (TRIP) to Sell from Neutral and established a $40 price target. Analyst Jake Fuller said OTA's are moving from room night growth towards profitability, which is undermining metasearch channel growth, and led to declines in hotel CPC revenue for TripAdvisor. The analyst sees a very difficult competitive backdrop as TripAdvisor cuts ad spend, competitors spend more, and Alphabet (GOOGL) ramps its own metasearch product. Fuller views TripAdvisor's valuation as "aggressive" for a company with an uncertain trajectory and no history of growth.