Citi ups Trip.com target, opens ‘positive catalyst watch’

Citi analyst Brian Gong raised the firm’s price target on Trip.com to $55 from $53 and keeps a Buy rating on the shares. The analyst also opened a “90-day positive catalyst watch” on the shares. “Decent” travel momentum is likely to sustain during two upcoming holidays, especially for the five-day Labor Day holiday when outbound travel could further recover, the analyst tells investors in a research note. The firm also expects “decent” Q1 results from Trip.com in mid May with a potential beat since consensus “might underestimate” outbound travel and Trip’s margin improvement. Citi thinks investors could turn more constructive on the shares ahead of the upcoming results given the company’s solid track record.