TripAdvisor downgraded to Hold at Truist on valuation

As previously reported, Truist downgraded TripAdvisor to Hold from Buy with a price target of $21, down from $40. The firm raised its 2023, 2024 and 2205 adjusted EBITDA projections, but says it is updating its views on travel, costs, and related KPIs and its valuation to be more in-line with its other travel-related names. Similar to the past year in lodging and most stocks, the firm continues to see "macro over micro" at the moment, it says in its travel group earnings preview.