UPDATE: Deutsche Bank Upgrades TripAdvisor to Buy on Favorable 2013 Outlook

Deutsche Bank raised its rating on TripAdvisor

from Hold to Buy and increased its price target from $37 to $50. Deutsche Bank commented, "We believe TRIP will benefit from increasing competition in the OTA space. Expedia and Priceline both plan increased marketing with a greater focus on adding incremental profit dollars regardless of reduced unit economics or margins. We increase our estimates and see further upside potential, particularly as Expedia direct marketing spending ramps with the completion of its platform transition and ongoing conversion improvements. The KAYAK acquisition is both a symptom of increasing importance of travel media and an accelerant to this trend for OTAs." TripAdvisor closed at $38.59 on Friday.