UPDATE: Benchmark Downgrades TripAdvisor to Hold

Benchmark lowers its rating on TripAdvisor TRIP to Hold while reiterating its $31 target on lack of EBITDA growth for 2012. Benchmark says, "TripAdvisor reported decent 4Q11 results but issued disappointing guidance. 2012 revenue guidance was lower than anticipated with no EBITDA growth. TripAdvisor will aggressively spend on search engine marketing. The level of increased expenses is surprising. We downgrade from Buy to Hold as EBITDA growth and margin expansion appear a year away." TRIP closed at $34.34 a share yesterday.