Tripadvisor (NASDAQ:TRIP) stock is getting a boost on Wednesday after the travel company got a double upgrade from Bank of America.
Analyst Nat Schindler is behind this upgrade, which sees them lifting TRIP stock from an “underperform” rating to a “buy” rating. That’s bullish compared to the analysts’ consensus “hold” rating for the stock. That’s based on 11 analysts’ opinions.
To go along with that, the Bank of America analyst also set a price target of $38 per share for TRIP stock. That’s a major boost over the firm’s prior price prediction of $19 per share. Also, it represents a potential 57.2% upside from yesterday’s close.
What’s Behind the TRIP Stock Upgrade?
Here’s what Schindler said in a note to clients obtained by SeekingAlpha:
“We think that TRIP’s Viator is making strong in-roads in an otherwise underpenetrated online Experience booking market. We remain cautious on meta-search growth, but inflation led customer price sensitivity could be an advantage. Core TRIP remains a cash cow that while not a significant grower over time can both fund and drive customers to high growth Viator.”
TRIP stock is up 7.6% as of Wednesday morning as some 614,000 shares change hands. That’s still below its daily average trading volume of about 2.2 million shares.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.