Why TripAdvisor Stock Rallied as Much as 10% Today
Shares of travel website operator TripAdvisor (NASDAQ: TRIP) rose just shy of 10% in early trading. Although it pulled back a little bit, by roughly 1 p.m. EST it was still holding on to most of the gains. The likely reason was an analyst update on the stock.
Citigroup analyst Jason Bazinet made a material revision in his opinion of TripAdvisor, taking it from neutral to buy. The analyst also increased the stock's price target, more than doubling it from $29 per share to $62. The stock closed at roughly $49.35 on March 1, so some of the increase was simply catching up to the current valuation. But the $62 target still represents a roughly 25% upside in the stock versus yesterday. Today's gains ate some of that potential, but didn't fully close the gap.
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Source Fool.com
