Benzinga Breakfast Notes: Wunderlich Lowers TripAdvisor Price Target From $100 To $90
Highlights from Wunderlich's note on TripAdvisor Inc (NASDAQ: TRIP).
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.
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