We maintain our 12-month target price at $32 shifting to a P/E of 18.7x our '23 estimate, which is near its peers' median of 18.6x but well below its 5-year historical forward average of 52.4x. We adjust our '22 EPS to $0.86 from $1.30 and '23's to $1.71 from $1.88. TRIP posts Q1 adjusted EBITDA of $27M vs. $26M loss, beating the $16M consensus. Sales grew 113%, more than we thought, reaching 70% of 2019 levels, as travel demand picked up notably following the Omicron-related softness in January. In April, TRIP's revenue run rate is seen at about 90% of 2019 levels, with a faster return in the U.S., while we note especially strong momentum in Experiences & Dining (+229% in Q1 and above 2019 levels). Although Russia/Ukraine was a headwind, trends in Europe appear be improving and we continue to see a robust travel recovery through the summer months. Separately, we view the appointment of Matt Goldberg as its new CEO alleviating an unknown, who comes from The Trade Desk (EVP North America and Global Operations).
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