TripAdvisor price target raised to $54 from $49 at DA Davidson
DA Davidson analyst Tom White raised his price target on TripAdvisor to $54, citing the company's launch of newer paid advertising products over the past 12 months. White says the "Sponsored Placements" for hotels and "TripAdvisor Ads" for restaurants reduces the company's reliance on on legacy meta-search ad product and seeks to monetize its global audience of 455M monthly unique users. The analyst adds that the new products can become "incremental high-margin revenue streams over time and improve revenue quality". White keeps his Neutral rating on TripAdvisor however, saying it balances stability in Hotel segment EBITDA with potential volatility in meta/CPC along with the company's "modest" topline growth.