UPDATE: Benchmark Reiterates Hold on TripAdvisor

Benchmark reiterated a Hold rating on TripAdvisor TRIP with a price target of $39. Benchmark noted, "TripAdvisor is scheduled to report 2Q12 results Tuesday, July 24 after the stock market close. We anticipate revenue growth of 20% y/y with lower than anticipated sales and marketing (S&M) expense leading to flat EBITDA y/y. Indicators show steady US hotel demand but softness in Europe. We remain concerned that a global economic slowdown could lessen hotel demand. In addition, TripAdvisor has stated a willingness to increase S&M spending above our current forecast and consensus, despite not yet having actually spent to such levels. Our rating remains Hold." TripAdvisor closed at $45.10 on Thursday.