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According to J.P. Morgan, TripAdvisor
TRIP price target is lowered to $29.
J.P. Morgan said that TripAdvisor reported 4Q revenue 4% ahead of expectations on higher Display ads and Subscription and Other revenue, but cited weakness in click-based ads from site changes and reduced Expedia spend post spin. “Our $29 price target is based on ~10x our 2013E EBITDA of $387M, which equates to ~12.5x 2012E EBITDA of $320M.”
TripAdvisor closed yesterday at $34.34.
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