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In a report published Thursday, Wunderlich Securities analyst Blake T. Harper reiterated a Hold rating and $80.00 price target on
TripAdvisor, Inc.TRIP.
In the report, Wunderlich Securities noted, "We are updating our estimates on TripAdvisor, Inc. (TRIP) to better forecast the individual segments of the business, reducing our 2015 and 2016 estimates by ~1% due to expected fx headwinds, mainly from the Euro. We are now modeling the Subscription and Other segment to grow 72% y/y in 2015, up from our prior 59% y/y forecast, to reflect the full-year contributions of acquisitions in 2014 and offsetting it by lowering our click-based revenue (CPC) growth forecast to 17% y/y from 22% y/y.
"Our changes are highlighted below and in Figure 1, with the net effect of lowering our 2015 and 2016 revenue, EBITDA and EPS estimates by ~1% due to fx changes and lower margins from the Sub/Other segment compared to CPC. We maintain our $80 price target and
Hold rating on TRIP shares."
TripAdvisor closed on Wednesday at $82.34.
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