Benzinga Breakfast Notes: Wunderlich Securities Lowers Price Target on TripAdvisor (NASDAQ: TRIP) from $100 to $90

Highlights from Wunderlich's Notes:

1. Cost Per Click headwinds in Q3 and Q4 with hotel shoppers clicking less.

2. Instant Booking seeing higher conversions than metasearch results.

3. Expecting the roll out of Instant Bookings on mobile to be increasingly important

4. Lowering our price target on lower EBITDA, EPS estimates.

5. We would look for mobile, instant booking or other verticals such as local to potentially accelerate revenue and EPS growth to be more positive on the stock.

The content above is embargoed by 90 minutes. Please consider a subscription to BenzingaPro Feed to gain Live Access to Breakfast Notes—timely color on Analyst Reports as they are released.