TRIP
Wall Street just shaved the runway
Morgan Stanley is still in Trip.com’s corner, but it’s no longer handing out the full cheerleader pompoms. The firm lowered its price target to $70 from $75 while keeping an Overweight rating, pointing to slower hotel revenue growth and weaker operating leverage.
Why investors should care
Analyst moves can feel like one more tiny pebble on a mountain, but they matter when the narrative is already mixed. In this case, Morgan Stanley also trimmed its revenue and earnings forecasts for the next few years, which is Wall Street-speak for: the business still looks fine, just not quite as sprinty as before.
- Revenue estimates for 2026-2028 were reduced modestly.
- Adjusted EPS forecasts were cut across all three years.
- The new target still implies meaningful upside from the current share price, so this is a haircut, not a buzz cut.
The bigger Trip.com vibe check
Trip.com has been getting the classic analyst split-screen treatment: some firms are leaning on valuation and travel demand, while others are side-eyeing margin pressure, antitrust noise, and slower growth in the hotel business. That’s how a stock ends up with both cautious trims and bullish callouts at the same time — basically the financial version of “I’m not mad, I’m just disappointed.”
Big picture: Morgan Stanley still likes the stock, but it’s clearly dialing down the turbo setting. For investors, that means the bar for surprise-hero numbers just got a little higher.