According to Citigroup in "The Big Banks," Trip.com is expected to meet performance expectations in the fourth quarter, and due to survey impacts, the target price for U.S. stocks has been lowered to $82

Citi expects Trip.com Group (09961.HK) to report fourth-quarter revenue and adjusted operating profit that will roughly meet market expectations. During the traditional peak season in the fourth quarter, Trip.com may continue to expand its market share, while its domestic hotel business could benefit from the rebound in average daily rates (ADR) and robust growth in room nights.

Looking ahead to 2026, the bank believes that the antitrust investigation may not only lead to fines but also add uncertainty to the domestic hotel business. However, based on its advantages in high-value traffic and customer service, it believes that Trip.com's long-term position in the domestic market will remain solid.

The bank has lowered its adjusted earnings forecasts for 2026 and 2027 by 9% and 5%, respectively, to reflect the potential impact on the domestic hotel business, and has reduced Trip.com’s (TCOM.US) target price from $86 to $82. The bank expects the stock price to fluctuate within a range during the antitrust investigation; after the investigation concludes, investors will have clearer visibility on its fundamental outlook. Based on Trip.com's industry-leading position, it maintains a "Buy" rating