UPDATE: Bank of America Upgrades TripAdvisor to Buy

Bank of America has published a research report on TripAdvisor TRIP and has upgraded the company from Underperform to Buy. In the report, Bank of America writes, "We are upgrading TripAdvisor (TRIP) to Buy from Underperform. As we wrote in= our December 21st initiation we like TripAdvisor's high growth and high margin characteristics and its undeniable leadership in the online travel reviews market. We believe TRIP's recent 17% decline is over-done and now presents investors with an attractive buying opportunity. TripAdvisor currently trades at 9.1x our 2013E EV/adjusted EBITDA estimate; a discount to lower growth peers such as WebMD at 10.1x and the online travel group at 9.8x. We are maintaining our Price Objective of $32 (27% above the current price) based on 11.5x our 2013E EV/EBITDA estimate." Bank of America maintains its $32 price objective on TripAdvisor, which is currently trading up $1.79 from Friday's $25.21 closing price.