Shares of Tripadvisor are poised to rally as travel demand recovers and consumers book more experiences, Bank of America said. Analyst Nat Schindler double-upgraded the travel booking company to purchase from underperform, citing strong growth throughout the company’s experiences booking platform often known as Viator. “We consider that TRIP’s Viator is making strong in-roads in an otherwise underpenetrated online Experience booking market,” he said in a Wednesday note to clients. TRIP YTD mountain TripAdvisor’s performance this yr Given this setup, Schindler upped the bank’s price goal to $38 from $19 a share, suggesting shares could rally greater than 57% from Tuesday’s close. He also increased revenue estimates for 2023 and 2024. Thus far this yr, the stock’s rallied greater than 34% after slumping 34% in 2022. Within the third quarter, the experiences platform accounted for 38% of Tripadvisor’s total revenue, in comparison with 18% in 2019, Bank of America said. Sensor Tower data suggests every day energetic users and downloads are on the rise. Schindler expects Viator to assist “keep near-term profit margins in check.” At the identical time, he views Tripadvisor’s core business as an offering that might support further experiences growth. “Core TRIP stays a money cow that while not a major grower over time can each fund and drive customers to high growth Viator,” he said. — CNBC’s Michael Bloom contributed reporting
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