UPDATE: Cantor Fitzgerald Initiates Coverage on TripAdvisor with Hold Rating, $88 PT on Premium Valuation

In a report published Thursday, Cantor Fitzgerald analyst Naved Khan initiated coverage on

with a Hold rating and $88.00 price target. In the report, Cantor Fitzgerald noted, “We initiate coverage of TRIP with a HOLD rating and $88 PT. The company continues to dominate travel research with one of the broadest (and growing) audience reaches worldwide. TRIP's focus on innovation and consumer experience should allow it to maintain its lead in the category, in our view. We opt to stay on the sidelines, as we believe that the stock already reflects reasonable expectations for easing monetization headwinds in CY:14 and beyond.” TripAdvisor closed on Wednesday at $86.61.