Morgan Stanley lowers Trip.com Group's target price to $70 as hotel revenue growth slows, reducing revenue forecasts
Morgan Stanley published a research report, updating the risk-return profile of Trip.com Group-S (09961.HK), lowering the group's revenue forecast for 2026 to 2028 by 0.6% to 1.7%, reflecting a slowdown in hotel revenue growth and a reduction in non-GAAP operating profit due to weakened operating leverage. As a result, Morgan Stanley has lowered the adjusted earnings per share for 2026 to 2028 by 1.3%, 2.5%, and 3.7%, respectively.
Morgan Stanley has reduced the target price for Trip.com (TCOM.US) by 7%, from $75 to $70, mainly reflecting revisions to earnings forecasts and changes in free cash flow projections for later years; rating "Overweight."
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