11:40 AM EDT, 05/09/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

Our revised target price of USD60 from USD51 is an implied 2024 P/E of 23x (peer average: 12.5x) on our projected EPS growth of 22.4% (peer average: 9.7%). We project revenue growth of about 17%/11% for 2024/2025, respectively, as TCOM benefits from the continued growth of the domestic and global travel industry, aided by its expansion to lower-tier cities in China, widening partnership coverage, AI-driven platform efficiency, and strong brand proposition. We think these factors will drive stronger bookings for TCOM's domestic hotels and global Online Travel Agency (both already surpassed Q4 2019's level by 60% and 100%, respectively, in Q4 2023), while supporting a full recovery of outbound air ticket and hotel bookings to 2019's level by end-2024 (80% of Q4 2019's in Q4 2023). We also expect improved operating leverage and stronger higher-margin outbound sales to drive net margin expansion in 2024/2025. We lift our 2024 earnings per ADS estimate to CNY18.60 from CNY17.69 and 2025's to CNY20.83 from CNY19.90.