Список проголосовавших за комментарий " <table class="BriefingDataTable" border="0" cellspacing="0" cellpadding="0"><tr> <td class="tickerColumn"> </td> <td class="articleColumn">TripAdvisor downgrade details — to Underperform at Needham (42.81)Needham downgrades TRIP to Underperform from Hold because: 1) Instant Booking's business model (i.e., pay after the stay) has lower ROIs than expected; 2) TRIP's CPMs on mobile are monetizing at 1/3 the rate of desktop — a rev headwind; 3) TRIP's strategic pivot from review site to booking engine is proving more expensive than hoped; 4) TRIP can't win a marketing war because even if TRIP spends 100% of their 2017 projected rev of $1.6B, this would be less than half <strong>PCLN's</strong> or <strong>EXPE's</strong> marketing; 5) guidance for double-digit rev growth coupled with flat to down EBITDA implies no incremental rev is benefiting shareholders in 2017, adding risk; and 6) at current trading levels, TRIP looks expensive at 3.7x 2017 rev, 17.8x EV/EBITDA and at a P/E of 39x. Firm thinks TRIP is worth $37-38/share, and thus they are downgrading to underperform.</td> </tr></table>"