UPDATE: J.P. Morgan Lowers Price Target on TripAdvisor to $29

According to J.P. Morgan, TripAdvisor

price target is lowered to $29. J.P. Morgan said that TripAdvisor reported 4Q revenue 4% ahead of expectations on higher Display ads and Subscription and Other revenue, but cited weakness in click-based ads from site changes and reduced Expedia spend post spin. “Our $29 price target is based on ~10x our 2013E EBITDA of $387M, which equates to ~12.5x 2012E EBITDA of $320M.” TripAdvisor closed yesterday at $34.34.