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TRIP

TripAdvisor

, PCLN

Priceline

$1,802.61

-6.59 (-0.36%)

10:59
06/19/17
06/19
10:59
06/19/17
10:59

Analyst says sell TripAdvisor ahead of 'difficult' Q3 report

The shares of TripAdvisor (TRIP) are declining after Credit Suisse downgraded the stock to Underperform, its equivalent of a sell rating, from Neutral. Among the reasons cited for the downgrade were the firm's belief that the company will increase its TV ad spending next year and its contention that the third quarter looks like it will be "difficult" for the company. TripAdvisor advertises travel deals online. TV ADS: TripAdvisor will spend $150M on TV ads next year, predicted Credit Suisse analyst Paul Bieber. He had previously estimated that the company would spend $115M on TV ads in 2018. As a result of this increase, Bieber lowered his 2018 earnings before interest ,taxes, depreciation and amortization estimate for the company to $304.4M from $339.4M. Analysts' consensus estimate for the company's 2018 EBITDA is $363.8M ,according to Bieber. Moreover, since other online travel agencies such as Priceline (PCLN) and Expedia (EXPE) are spending more on TV ads than TripAdvisor is, the efficacy of its TV ads are uncertain, the analyst stated. Q3 SETUP: Last month, TripAdvisor reported that it had faced a number of revenue headwinds in the second quarter, including the testing of its new user interface and competition from trivago (TRVG), Bieber reported. Noting that analysts had expected TripAdvisor's click-based and transaction revenue to jump 5%-9% in Q2, Biber says the company has a "difficult set-up" in Q3. He noted that for the company to meet its guidance for at least 10% growth this year, its branded click-based and transaction revenue growth will have to accelerate in 2H17. PRICE TARGET: Bieber cut his target on TripAdvisor shares to $34 from $40. PRICE ACTION: In morning trading, TripAdvisor fell about 3% to $36.82 per share.

TRIP

TripAdvisor

PCLN

Priceline

$1,802.61

-6.59 (-0.36%)

EXPE

Expedia

$146.21

0.52 (0.36%)

TRVG

trivago

$18.30

-0.19 (-1.03%)

TRIP TripAdvisor

06/19/17
06/19/17
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Costco (COST) downgraded to Hold from Buy at Deutsche Bank with analyst Paul Trussell saying positive pipeline catalysts have played out while competition is intensifying with Amazon.com (AMZN) and Wal-Mart (WMT) accelerating in-store and online efforts. The analyst lowered his price target for the shares to $172 from $187. 2. Kroger (KR) downgraded to Equal Weight from Overweight at Morgan Stanley with analyst Vincent Sinisi saying there is increased structural margin risk within the Food Retail sector following Amazon's (AMZN) acquisition of Whole Foods (WFM) and said stocks are now appropriately pricing in flat medium-term growth. 3. Wayfair (W) downgraded to Hold from Buy at Maxim with analyst Tom Forte saying he views the current share price as fully reflecting its revenue growth opportunity over the next three years and his expectation that the company can meet the top-end of its long-term adjusted EBITDA margin target of 8%-10%. 4. Travelers (TRV) downgraded to Neutral from Buy at BofA/Merrill with analyst Jay Cohen citing valuation. 5. TripAdvisor (TRIP) downgraded to Underperform from Neutral at Credit Suisse with analyst Paul Bieber citing raised expectations for TV ad spending in 2018 paired with uncertainty regarding the return on TV advertising investment given the crowded ad market for online travel. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
05/26/17
05/26/17
DOWNGRADE
Target $33

Underperform
TripAdvisor downgraded to Underperform on future competition at Macquarie
As previously reported, Macquarie downgraded TripAdvisor (TRIP) to Underperform from Neutral with a $33 price target, down from $52. Coverage was transferred to analyst Matthew Brooks who said the "best days" may be over for TripAdvisor and believes Google (GOOGL) is at the "top of the travel funnel." The analyst sees the future of travel search starting with travel queries addressed to AI assistants like Siri, or home devices like Amazon Echo, and expects TripAdvisor's hotel business economics to be more challenged in a world of voice and rationalization. Brooks said TripAdvisor's 500M reviews are largely text based and doesn't believe it has enough contextual information on reviewers to make the information relevant for users looking at the same travel product in the future.
05/26/17
05/26/17
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Ulta Beauty (ULTA) downgraded to Neutral on balanced risk/reward at Buckingham with the firm citing more balanced risk/reward at current levels and raised its price target to $330 from $325. 2. JinkoSolar (JKS) was downgraded to Sell from Neutral at Citi and to Underweight from Overweight at Morgan Stanley. 3. Signet Jewelers (SIG) downgraded to Neutral from Buy at CL King with the firm citing lack of catalysts. 4. TripAdvisor (TRIP) downgraded to Underperform from Neutral at Macquarie with analyst Matthew Brooks saying the "best days" may be over for TripAdvisor and believes Google (GOOGL) is at the "top of the travel funnel." 5. Shire (SHPG) downgraded to Market Perform from Outperform at Bernstein with analyst Aaron Gal saying he believes risks to longer term earnings from competition and slowing Vyvanse sales are not being factored into consensus estimates. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
06/19/17
FBCO
06/19/17
DOWNGRADE
Target $34
FBCO
Underperform
TripAdvisor downgraded to Underperform from Neutral at Credit Suisse
Credit Suisse analyst Paul Bieber downgraded TripAdvisor (TRIP) to Underperform from Neutral citing raised expectations for TV ad spending in 2018 paired with uncertainty regarding the return on TV advertising investment given the crowded ad market for online travel. Also, the stock has a premium valuation despite inferior growth compared to Priceline (PCLN) and Expedia (EXPE), said Bieber, who lowered his price target on TripAdvisor to $34 from $40.
PCLN Priceline
$1,802.61

-6.59 (-0.36%)

05/10/17
LEHM
05/10/17
NO CHANGE
Target $2050
LEHM
Overweight
Priceline price target raised to $2,050 from $1,900 at Barclays
Barclays analyst Ross Sandler raised his price target for Priceline to $2,050 saying last night's results were "standard playbook," or "solid" with "conservative" guidance. The company's ability to grow faster than the overall market remains the long-term bull case, Sandler tells investors in a post-earnings research note. He keeps an Overweight rating on the shares.
05/10/17
OPCO
05/10/17
NO CHANGE
Target $2000
OPCO
Outperform
Priceline should be bought in any weakness, says Oppenheimer
Oppenheimer analyst Jed Kelly reiterates an Outperform rating and $2,000 price target for Priceline after the company reported a "solid Q1." However, he notes that guidance, where the high-end of Q2 room nights reflects a 600bps deceleration, is causing shares to trade off and likely implies some conservatism. The analyst continues to be encouraged by the overall long-term opportunity to penetrate existing properties, and believes Priceline is best positioned to drive global share of online lodging accommodations. Kelly would use any pull-back to accumulate shares.
05/10/17
NEED
05/10/17
NO CHANGE
Target $2200
NEED
Buy
Priceline should be bought on weakness, says Needham
Needham analyst Laura Martin says Priceline (PCLN) reported "very strong Q1 results," but shares are down owing to Q2 guidance. The analyst is a buyer of Priceline on weakness, and worries that its higher SEM spending bodes poorly for TripAdvisor (TRIP). Martin reiterates a Buy rating and $2,200 price target on Priceline's shares.
EXPE Expedia
$146.21

0.52 (0.36%)

05/02/17
FBCO
05/02/17
NO CHANGE
Target $2050
FBCO
Outperform
Priceline price target raised to $2050 from $1935 at Credit Suisse
Credit Suisse analyst Paul Bieber raised his price target for Priceline (PCLN) to $2050 from $1935 ahead of results. Given data that indicates a stable hotel environment in the U.S and accelerating trends in Europe, constructive Expedia (EXPE)/Accor read-across, accelerating Booking.com property additions, and improving China travel to Europe in Q1, the analyst expects Priceline to report upside to his EPS estimate. He reiterates an Outperform rating on Priceline's shares.
04/28/17
04/28/17
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Amazon.com (AMZN) downgraded to Sector Weight from Overweight at KeyBanc with analyst Edward Yruma saying while first quarter results were "impressive," increased competition may "dampen near-term upside." 2. U.S. Steel (X) downgraded to Underperform, price target $18 at Macquarie with analyst Aldo Mazzaferrociting a reduced earnings outlook. The analyst expects the company to miss the earnings rebound from better market conditions due to the expanded and accelerated long-term asset revitalization program that will result in production outages, higher maintenance spending, and lost sales. 3. Gigamon (GIMO) downgraded to Market Perform from Outperform at William Blair, to Neutral from Buy at Dougherty, and to Neutral from Outperform at Credit Suisse. 4. Mattel (MAT) downgraded to Hold from Buy at Argus with analyst John Staszak citing concerns about falling revenues and increasing losses. 5. Expedia (EXPE) downgraded to Hold from Buy at Stifel with analyst Scott Devitt citing valuation. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
05/18/17
RAJA
05/18/17
DOWNGRADE
RAJA
Market Perform
Expedia downgraded to Market Perform on valuation at Raymond James
Raymond James analyst Justin Patterson downgraded Expedia to Market Perform from Outperform saying a room night recovery is reflected in valuation.
TRVG trivago
$18.30

-0.19 (-1.03%)

02/02/17
COWN
02/02/17
NO CHANGE
Target $1800
COWN
Outperform
Cowen sees Priceline as best positioned online travel company
Cowen analyst Kevin Kopelman said he sees Priceline (PCLN) as the best positioned online travel company heading into Q4 results. He sees 2017 as a bumper year for return business as hotel industry data points also look good for the major online travel players. Kopelman reiterated his Outperform rating and raised his price target to $1,800 from $1,700 on Priceline shares and named it his top pick, followed by Expedia (EXPE), trivago (TRVG), and TripAdvisor (TRIP).
02/22/17
COWN
02/22/17
DOWNGRADE
Target $13
COWN
Market Perform
trivago downgraded to Market Perform from Outperform at Cowen
Cowen analyst Kevin Kopelman downgraded trivago (TRVG) to Market Perform and lowered its price target to $13 from $15 to reflect increased competition from key competitor Tripadvisor (TRIP). Tripadvisor announced it is weighting the introduction of a major brad ad spend initiative and the analyst estimates the company will spend $200M by FY18. Further, Priceline (PCLN) is investing in meta-search with its acquisition of Momondo and Alphabet's (GOOGL) travel meta-search products continue to gain traction, all or which create risk to trivago's margin expansion plans.
02/22/17
02/22/17
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. UPS (UPS) downgraded to Neutral from Buy at BofA/Merrill with analyst Ken Hoexter citing a more muted growth outlook combined with higher capex targets. 2. Ralph Lauren (RL) downgraded to Underweight from Neutral at Atlantic Equities. 3. Charter (CHTR) downgraded to Neutral from Buy at MoffettNathanson with analyst Craig Moffett citing valuation. 4. trivago (TRVG) was downgraded to Market Perform from Outperform at Cowen, while TripAdvisor (TRIP) was downgraded to Underperform from Market Perform. 5. First Solar (FSLR) downgraded to Underperform from Neutral at Credit Suisse. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
05/16/17
MSCO
05/16/17
NO CHANGE
Target $25
MSCO
Overweight
trivago price target raised to $25 following Q1 beat at Morgan Stanley
Morgan Stanley analyst Brian Nowak said trivago's Q1 best indicates strong business momentum, monetization opportunity and strategic positioning. The analyst expects continued growth in revenue per referral, but at a moderating pace, while improving optimization and monetization. The analyst rates trivago an Overweight.

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