JPMorgan analyst Alex Yao upgraded Trip.com Group to Overweight from Neutral with a price target of $50, up from $39. The firm’s bullish view is based more on market share gains due to sustainable factors and less on a general outbound travel market recovery. The analyst sees structural growth opportunities for Trip.com in areas such as outbound travel and corporate travel, driven by accelerating market share gains, optimized supply chain and improving operating efficiency. In the short term, pent-up demand offers upside risk to consensus estimates for Q2 and Q3, the analyst tells investors in a research note.
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