Stifel analysts on Monday upgraded their rating of TripAdvisor Inc. to "Buy" on expectations that its stock price will continue to improve.
THE OPINION: TripAdvisor, based in Newton, Mass., runs websites that offer travel reviews.
The analysts Michael Purcell and Jordan Rohan downgraded TripAdvisor in June to "Hold" on concerns that a transition in its advertising would weigh on the company's stock price. However, that process is now complete and the analysts said it is proving its value.
TripAdvisor's stock price is up 15 percent since the downgrade and the analysts say it still has further room to grow.
Purcell and Rohan said in a research note that TripAdvisor's scale and brand make it a category leader. They also said that use of the company's services on mobile sites is strong, which should prove beneficial as more consumers turn to its sites there.
The analysts have a $93 price target on the company's stock.
THE STOCK: Shares of TripAdvisor fell 90 cents, or 1.2 percent, to $74.22 by midday, in line with broader market activity. Its stock price has more than doubled since this time last year.