UPDATE: Monness Crespi Hardt Upgrades TripAdvisor to Buy; 2013 Expectations Likely Conservative
Monness Crespi Hardt upgraded TripAdvisor (NASDAQ: TRIP) from Neutral to Buy and announced a $60.00 price target.
Monness Crespi Hardt noted, "We are upgrading TRIP to Buy because we think 2013 expectations, which will surely follow management's conservative guidance, will likely be too low. We also see evidence that non-Expedia (EXPE-Neutral-$65.47) OTAs are accelerating their spending on TRIP, which has become a coveted neutral advertising partner after OTA acquisitions of formerly independent lead-gen providers. Management commentary suggested that pricing generally and Europe particularly are firming. Finally, valuation of other Internet advertising vertical leaders suggests plenty of room for multiple expansion, particularly if, as we believe, TRIP will eventually post solid upside to 2013 EBITDA guidance and our 2013 EBITDA expectations."
TripAdvisor closed at $46.90 on Wednesday.
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