---
title: "Citigroup maintains \"Buy\" rating on Trip.com and TONGCHENGTRAVEL, expects domestic demand to improve in the new spring"
description: "Citi maintains a \"Buy\" rating for Trip.com and TONGCHENGTRAVEL, expecting domestic demand to improve during the Spring Festival holiday. According to data from the Ministry of Transport, the inter-reg"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/276560538.md"
published_at: "2026-02-23T03:20:05.000Z"
---

# Citigroup maintains "Buy" rating on Trip.com and TONGCHENGTRAVEL, expects domestic demand to improve in the new spring

> Citi maintains a "Buy" rating for Trip.com and TONGCHENGTRAVEL, expecting domestic demand to improve during the Spring Festival holiday. According to data from the Ministry of Transport, the inter-regional flow of people from February 15 to 21 reached 2.08 billion, a year-on-year increase of 9.3%. Passenger volumes for railways, civil aviation, highways, and waterways increased by 9.9%, 7.8%, 9.2%, and 29.5%, respectively. Citi believes that the concentrated demand for returning home before the long holiday and the rebound in passenger volume indicate a positive trend in domestic travel demand. The target price for Trip.com in the US stock market is $82, while the target price for TONGCHENGTRAVEL is HKD 28

Citi published a research report indicating that, according to data from the Ministry of Transport, the total inter-regional movement of people during the first seven days of the Spring Festival holiday (February 15 to 21) reached 2.08 billion trips, a year-on-year increase of 9.3%, which accelerated compared to the 6.8% year-on-year growth in the first four days. Among them, the passenger volume for railways, civil aviation, highways, and waterways grew by 9.9%, 7.8%, 9.2%, and 29.5% year-on-year, respectively. If we only consider the past three days (February 20 to 22), the total movement volume had a year-on-year growth rate of 11.9%.

The bank believes that the demand for citizens to return home for family reunions is concentrated before the long holiday, and the recent increase in passenger volume reflects a positive outlook for domestic travel demand in the remaining days of the Spring Festival holiday. Additionally, the balance between long-distance and short-distance travel is a positive signal for online travel platforms. Currently, it maintains a "Buy" rating for Trip.com-S (09961.HK) and TONGCHENGTRAVEL (00780.HK), with a target price of $82 for Trip.com (TCOM.US) and a target price of HKD 28 for TONGCHENGTRAVEL. Citi also noted that Trip.com will announce its fourth-quarter results after the U.S. stock market closes this Wednesday (25th), and it is expected that the stock price performance will be relatively quiet before this announcement

### Related Stocks

- [09961.HK - TRIP.COM-S](https://longbridge.com/en/quote/09961.HK.md)
- [TCOM.US - Trip.com](https://longbridge.com/en/quote/TCOM.US.md)
- [00780.HK - TONGCHENGTRAVEL](https://longbridge.com/en/quote/00780.HK.md)

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> **Disclaimer**: This article is for reference only and does not constitute any investment advice.