---
title: "Morgan Stanley: Ctrip's business remains stable under regulatory uncertainty, target price $75, continues to recommend \"overweight\""
description: "Morgan Stanley released a report stating that Trip.com Group's performance is stable, with revenue exceeding expectations and a positive outlook. During the Lunar New Year period, domestic hotel booki"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/277135662.md"
published_at: "2026-02-27T02:40:25.000Z"
---

# Morgan Stanley: Ctrip's business remains stable under regulatory uncertainty, target price $75, continues to recommend "overweight"

> Morgan Stanley released a report stating that Trip.com Group's performance is stable, with revenue exceeding expectations and a positive outlook. During the Lunar New Year period, domestic hotel bookings and outbound travel both recorded double-digit growth. Although they maintain a cautious attitude towards the monetization of transportation tickets, they believe the upper limit of revenue growth guidance can be reached. The target price has been lowered from $87 to $75, maintaining an "Overweight" rating

Morgan Stanley's research report indicates that Trip.com Group (09961.HK) has stable performance, with revenue exceeding expectations and a healthy outlook. Meanwhile, demand has been strong this season, with double-digit growth in domestic hotel bookings during the Lunar New Year period and an annual increase in average daily room rates (ADR); outbound tourism also recorded double-digit growth, with a 60% increase in bookings on the Trip.com international platform.

Management guidance suggests a revenue growth of 12% to 17% in the first quarter of this year; although the bank is relatively cautious about the monetization of transportation ticketing, it believes that the likelihood of reaching the upper end of the guidance is very high. However, the business mix has rapidly shifted towards the Trip.com international platform, resulting in a slight decline in operating profit margins, although the efficiency of marketing spending is also improving.

The bank believes that the results of the regulatory investigation will reset the stock price and is confident that the company can demonstrate that AI itinerary planning is not a negative factor for online travel platforms; it has raised revenue forecasts for 2026 and 2027 by 1%, while lowering earnings per share forecasts by 3% to 4% due to rising operating expenses. The target price for Trip.com (TCOM.US) in the U.S. stock market has been lowered from $87 to $75, maintaining an "Overweight" rating

### Related Stocks

- [BEDZ.US - AdvisorShares Hotel ETF](https://longbridge.com/en/quote/BEDZ.US.md)
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- [TCOM.US - Trip.com](https://longbridge.com/en/quote/TCOM.US.md)
- [09961.HK - TRIP.COM-S](https://longbridge.com/en/quote/09961.HK.md)

## Related News & Research

| Title | Description | URL |
|-------|-------------|-----|
| Trip.com Group Posts Strong 2025 on Surging International and Inbound Travel | Trip.com Group Ltd. reported strong fourth-quarter and full-year 2025 results, with international bookings up 60% year-o | [Link](https://longbridge.com/en/news/276958051.md) |
| Trip.com Group Q4 Non-GAAP Earnings, Revenue Rise | 05:29 PM EST, 02/25/2026 (MT Newswires) -- Trip.com Group ( TCOM ) reported Q4 non-GAAP net income late Wednesday of 4.9 | [Link](https://longbridge.com/en/news/276951645.md) |
| 23:08 ETTrip.com Partners with JR Companies to Offer Nationwide Shinkansen Tickets to International Travellers | Trip.com has partnered with major Japanese railway companies to offer Shinkansen tickets to international travellers. Th | [Link](https://longbridge.com/en/news/276980475.md) |
| 18:36 ETTCOM Investor News: Rosen Law Firm Encourages Trip.com Group Limited Investors to Inquire About Securities Class Action Investigation - TCOM | Rosen Law Firm is investigating potential securities claims for shareholders of Trip.com Group Limited (NASDAQ: TCOM) du | [Link](https://longbridge.com/en/news/276285607.md) |
| Analysts see over 50% upside to Booking Holdings Inc. (BKNG) | Analysts have identified Booking Holdings Inc. (NASDAQ:BKNG) as one of the 10 Best Magic Formula Stocks for 2026, with a | [Link](https://longbridge.com/en/news/277134308.md) |

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