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TRIP

TripAdvisor

$44.37

0.125 (0.28%)

, PCLN

Priceline

$1,862.13

-4.22 (-0.23%)

14:42
09/25/17
09/25
14:42
09/25/17
14:42

Analysts trim TripAdvisor estimates on increasing online travel concerns

Shares of TripAdvisor (TRIP) are sliding after two research firms lowered their second half of 2017 estimates, citing several guidance cuts by online travel companies. Guggenheim analyst Jake Fuller pointed out that Priceline's (PCLN) strategy in hotel metasearch may be shifting, raising concerns over the sector's outlook. PRICELINE READ-THROUGH: Guggenheim analyst Jake Fuller is lowering his second half of 2017 estimates for TripAdvisor to reflect concern over how Priceline's strategy in hotel metasearch may be shifting. The analyst explained that Priceline spoke on its second quarter earnings call about focusing more on branding and building direct relationships, while both TripAdvisor and trivago (TRVG) guided the second half of the year down. The big debate now is around whether Priceline could be specifically targeting trivago in response to changes that it made to its advertising ranking algorithm, or is it more broadly changing its strategy in the hotel metasearch channel overall, Fuller noted, adding that he leans toward the latter. His recent survey work points to limited visibility for Priceline on trivago and what appeared to be a significant step-down in top-slot visibility on TripAdvisor. The analyst reiterated a Neutral rating on TripAdvisor's shares. Meanwhile, his peer at Raymond James also lowered his estimates for TripAdvisor after multiple online travel companies issued weaker than expected guidance on their second quarter earnings calls and trivago lowered its revenue guidance in September. Analyst Justin Patterson noted that he observes evidence of more competition for online travel companies and meta-search providers, and significant changes in the ad channels. Further, the analyst told investors that it does not take a large change within Priceline's budget to form a material headwind to meta search providers. Patterson expects the latter's advertising budget will be more than $4.5B in 2017, and at this level, a mere 1% shift from performance to brand advertising could form a material headwind to trivago and TripAdvisor. The analyst told investors that in the near-term, he favors Online Travel names over meta search providers, with a preference for Priceline over Expedia (EXPE). PRICE ACTION: In afternoon trading, shares of TripAdvisor have dropped about 9% to $40.35.

TRIP

TripAdvisor

$44.37

0.125 (0.28%)

PCLN

Priceline

$1,862.13

-4.22 (-0.23%)

TRVG

trivago

$10.70

-0.04 (-0.37%)

EXPE

Expedia

$145.77

2.65 (1.85%)

TRIP TripAdvisor
$44.37

0.125 (0.28%)

08/24/17
JEFF
08/24/17
DOWNGRADE
JEFF
Underperform
TripAdvisor downgraded to Underperform from Hold at Jefferies
Price target lowered to $35 from $54.
08/15/17
RHCO
08/15/17
INITIATION
Target $44
RHCO
Hold
TripAdvisor initiated with a Hold at SunTrust
SunTrust analyst Youssef Squali started TripAdvisor with a Hold rating and $44 price target.
08/09/17
BOFA
08/09/17
NO CHANGE
Target $30
BOFA
Underperform
TripAdvisor price target lowered to $30 from $35 at BofA/Merrill
BofA/Merrill analyst Nat Schindler lowered TripAdvisor's price target to $30 from $35 and reiterated and Underperform rating following the Q2 beat and disappointing guidance. TripAdvisor guided to mid-to-high single digit revenue growth, versus double-digit growth prior, the analyst reported to clients. Shindler said TripAdvisor's major problem remains the traffic shift from high-monetization desktop to low-monetization mobile.
08/09/17
PIPR
08/09/17
NO CHANGE
Target $43
PIPR
Neutral
TripAdvisor price target lowered to $43 from $49 at Piper Jaffray
Piper Jaffray analyst Michael Olson lowered his price target for TripAdvisor to $43 saying the company's revenue per hotel shopper in Q2 was down 2% year-over-year while click-based and transaction revenue was 1% below consensus. He notes the company also lowered its revenue outlook for FY17. The analyst keeps a Neutral rating on the shares.
PCLN Priceline
$1,862.13

-4.22 (-0.23%)

08/15/17
RHCO
08/15/17
INITIATION
Target $2200
RHCO
Buy
Priceline initiated with a Buy at SunTrust
SunTrust analyst Youssef Squali started Priceline with a Buy rating and $2,220 price target.
08/16/17
08/16/17
INITIATION

On The Fly: Top analyst initiations
Catch up on today's top analyst initiations with this list compiled by The Fly: 1. Alphabet (GOOG, GOOGL), GoDaddy (GDDY), Wix.com (WIX), Alibaba (BABA), Amazon.com (AMZN), and Priceline (PCLN) were initiated with a Buy at SunTrust, while Snap (SNAP) was initiated with a Sell, and Twitter (TWTR) and eBay (EBAY) were initiated with a Hold. 2. HD Supply (HDS) reinstated with a Neutral at Goldman Sachs. 3. Shiloh Industries (SHLO) initiated with an Outperform at BMO Capital. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
08/17/17
TIGR
08/17/17
NO CHANGE
TIGR
Strong Buy
Priceline recent pullback a buying opportunity, says Tigress Financial
Tigress Financial analyst Ivan Feinseth recommends using the recent pullback in shares of Priceline as a buying opportunity. The analyst believes "significant upside" potential exists and keeps a Strong Buy rating on the shares.
09/07/17
JPMS
09/07/17
NO CHANGE
Target $16
JPMS
Overweight
trivago price target lowered to $16 from $23 at JPMorgan
JPMorgan analyst Doug Anmuth lowered his price target for trivago shares to $16 from $23 and his earnings estimates "significantly" citing the company's softer 2017 outlook. The analyst admits the stock could be range-bound, but he keeps an Overweight rating on the name, saying the company's "scaled, high quality platform" remains a valuable source of customers for Priceline (PCLN), Expedia (EXPE) and others.
TRVG trivago
$10.70

-0.04 (-0.37%)

09/07/17
BOFA
09/07/17
DOWNGRADE
Target $14
BOFA
Neutral
trivago downgraded to Neutral from Buy at BofA/Merrill
BofA/Merrill analyst Nat Schindler downgraded trivago to Neutral and slashed his price target on shares to $14 from $22 following a surprise lowering of its 2017 revenue growth target to 40% from 50% and reduced adjusted EBITDA to down year-over-year. The analyst said the primary driver for the revenue deceleration in premium payments as advertisers improved their sites, reducing bid premiums. Schindler said the challenges seem specific to trivago and remains positive on online travel agencies.
09/07/17
09/07/17
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. trivago (TRVG) downgraded to Neutral from Buy at BofA/Merrill with analyst Nat Schindler citing a surprise lowering of its 2017 revenue growth target to 40% from 50% and reduced adjusted EBITDA to down year-over-year. 2. Carrizo Oil & Gas (CRZO) downgraded to Neutral from Buy at Mizuho with analyst Timothy Rezvan saying Carrizo faces too many near-term headwinds and doesn't see Net Asset Value upside driving near-term stock outperformance. 3. Varian Medical (VAR) downgraded on valuation, macro concerns at BTIG with analyst Sean LAvin saying he downgraded the stock "mainly on valuation." However, he also believes that the company's results could be hurt by "instability in Korea and multiple hurricanes." 4. Zymeworks (ZYME) assumed with an Underweight from Overweight at Barclays with analyst Gena Wang saying she has low expectations for the company's lead asset HER2 dispecific antibody ZW25 in HER and high and medium expressed breast cancer. 5. Sealed Air (SEE) downgraded to Neutral from Buy at Citi with analyst Anthony Pettinari saying the company's annual guidance is at risk due to resin headwinds post Hurricane Harvey. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
09/20/17
SBSH
09/20/17
NO CHANGE
Target $12
SBSH
Neutral
trivago price target lowered to $12 from $19 at Citi
Citi analyst Mark May cut his price target for trivago shares to $12 citing the company's lowered full-year outlook. The slowdown in traffic implied by guidance is significant across regions, May tells investors in a research note. The analyst, however, still believes in the value proposition of trivago. He keeps a Neutral rating on the shares.
EXPE Expedia
$145.77

2.65 (1.85%)

08/31/17
RHCO
08/31/17
NO CHANGE
RHCO
Expedia CEO transition to be 'smooth and seamless,' says SunTrust
SunTrust analyst Naved Khan says that the CEO transition at Expedia will "smooth and seamless," given the new CEO's "intimate familiarity with the business and the Travel category," along with the respect he commands from other executives at the company. The analyst keeps a Buy rating on the stock.
08/31/17
RBCM
08/31/17
NO CHANGE
RBCM
Expedia new CEO choice positive, says RBC Capital
After Expedia named its CFO, Mark Okerstrom, as its new CEO, RBC Capital analyst Mark Mahaney says that the new CEO's "background and broad experience at Expedia" should make the transition "relatively seamless."
08/31/17
PIPR
08/31/17
NO CHANGE
Target $173
PIPR
Overweight
Expedia CEO pick the best choice, says Piper Jaffray
Piper Jaffray analyst Michael Olson believes Expedia's promotion of Mark Okerstrom to CEO "will provide a seamless transition and is both the logical and best choice to head the company." Okerstrom is well known by investors and has been very involved in orchestrating the integration of the company's recent acquisitions, Olson tells investors in a research note. He maintains an Overweight rating on Expedia with a $173 price target.

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