JPMorgan analyst Doug Anmuth downgraded TripAdvisor to Underweight from Neutral with a price target of $28, down from $48. The analyst "significantly" lowered his estimates following the company's "soft" Q3 results and outlook. The analyst is "incrementally cautious" on the overall online travel space coming out of Q3 earnings, saying headwinds from Google search engine optimization changes, softer daily rate trends, and geopolitical tensions are now more pronounced. He does not see an easy path to better growth and margin gains for TripAdvisor and expects the shares to underperform Internet peers.