UPDATE: Bank of America Upgrades TripAdvisor; Raises PO

According to a research report published this morning, Bank of America has upgraded TripAdvisor TRIP from Neutral to Buy, and raised PO from $38 to $53. In the report, Bank of America commented, "TripAdvisor's research based platform lies at the heart of the online travel ecosystem and we continue to see the company as a strong secular grower with high sustainable barriers to entry. We have been a believer in TRIP's long-term prospects and a strong Q1 assuaged our fears that management may further take down 2012 estimates as they work through the Expedia separation." TripAdvisor closed yesterday at $36.53.