UPDATE: Morgan Stanley Initiates TripAdvisor with Underweight, $25 Target

Morgan Stanley initiates coverage on TripAdvisor

with an Underweight rating and Target of $25 per share as it believes positives are already priced in. Morgan Stanley notes, "TripAdvisor operates the largest global network of travel review sites, with impressive user engagement metrics. However, meaningful competition, guidance calling for margins to compress several points next year, and full valuation lead to our UW rating." TRIP closed at $27.67 per share on Wednesday.