As previously reported, Needham's Brad Erickson assumed coverage of TripAdvisor with an upgraded Buy rating from prior Hold and a price target of $63. The analyst cites the company's return to "modest user growth" in Q4, along with improved "experiences" business and "in-line" EBITDA execution, noting the he expects the coming quarter to mark an "operating trough." Erickson adds that TripAdvisor's management is typically conservative and sees all of the bad news for the stock priced in by its low 11-times enterprise value to expected FY20 EBITDA multiple.