Bernstein upgraded TRIP to "outperform" from "market perform"
Tripadvisor Inc (NASDAQ:TRIP) stock is 2.1% higher out of the gate, following a bull note from Bernstein. The Wall Street brokerage upgraded TRIP to "outperform" from "market perform" and hiked its price target to $21.40, calling the company the "fastest growing major travel brand" and praising its new investment plans.
The majority of covering brokerages were bearish before today, with 16 of 20 rating Tripadvisor stock a "buy" or better. This leaves plenty of room for additional pessimism to unwind. Elsewhere, the 11.15 million shares sold short account for 10.6% of the security's total available float.
Should the positive premarket action continue into the session, it will help TRIP move back above the $17.50 level after three-straight closes below the mark. The $18 mark is still acting as a layer of resistance on the charts, while TripAdvisor stock looks to overcome a modest 3.4% year-to-date deficit.