Tripadvisor Upgraded to Buy with $15 Target and 9% Starboard Stake
Bank of America upgraded Tripadvisor to Buy and raised its price target from $14 to $15, highlighting Starboard Value’s 9% stake and a new cooperation agreement adding four directors. Its sum-of-the-parts analysis values Viator and TheFork at over $2.5 billion against a current enterprise value of $1.3 billion.
1. Analyst Upgrade and Price Target
Bank of America elevated Tripadvisor from Neutral to Buy and raised the 12-month price target from $14 to $15, citing clearer strategic optionality and potential value realization across its portfolio.
2. Activist Engagement and Board Changes
Starboard Value has held a 9% stake since July 2025 and entered a cooperation agreement that led to the addition of four new directors, accelerating strategic discussions and potential transaction evaluations.
3. Sum-of-the-Parts Valuation and Risks
The firm’s sum-of-the-parts analysis appraises Viator and TheFork at more than $2.5 billion collectively versus Tripadvisor’s current enterprise value of $1.3 billion; key risks include AI disruption, execution challenges, competitive pressure, and underperforming Hotels segment.