Trip.com Group Limited (TCOM) PT Raised to $80 at Benchmark

Benchmark analyst Fawne Jiang raised the price target on Trip.com Group Limited (NASDAQ: TCOM) to $80.00 (from $72.00) while maintaining a Buy rating.

The analyst commented: "Despite high expectations, TCOM delivered another strong quarter, exceeding both 3Q results and 4Q guidance, implying accelerated growth driven by robust travel demand domestically and internationally. The company also achieved a record high OPM of 34%, showcasing its strong operating leverage. Looking ahead, we expect TCOM to benefit from several structural factors, including deeper penetration into lower-tier cities, the expansion of demographic groups on top of a shift in consumer spending towards experiences. Coupled with a relatively benign competitive environment, we anticipate the company will continue to capture market share and outperform the domestic industry. Internationally, we foresee continued growth in outbound travel, supported by
ongoing capacity recovery and strong momentum for Trip.com as it increases its market share globally, particularly in East and Southeast Asia. We believe structural improvements, including a favorable revenue mix, enhanced international profitability, and the adoption of AI for efficiency gains, present significant upside potential for further margin expansion. We reiterate our Buy rating and have raised our PT to $80 (was $72)."

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