UPDATE: Credit Suisse Reiterates Outperform Rating, Lowers PT on TripAdvisor LLC Following 4Q14 Earnings Results

In a report published Thursday, Credit Suisse analyst Stephen Ju reiterated an Outperform rating on

, but lowered the price target from $92.00 to $88.00. In the report, Credit Suisse noted, "TRIP intends to step up its investments into emerging and newly acquired business as management looks to 1) take advantage of the already-existing demand on the core TripAdvisor properties as well as 2) drive incremental demand against the supply in the newly-acquired and launched businesses. While this results in near-term deleverage primarily on increased offline marketing, we believe this is the correct long-term strategy. Hence while our 2015 Adj. EBITDA estimates reset 11% lower, our long-term estimates increase as the new businesses gain scale. Otherwise our investment thesis based on growing consumer awareness and the resulting increase in CPC-based revenue at little or no incremental cost remains unchanged." TripAdvisor LLC closed on Wednesday at $67.27.