Citi Research issued a research report saying that Trip.com Group Limited (TCOM.US) 's 1Q24 non-GAAP operating margin reached 31.6%, and expecting that the Group will maintain a sustainable margin trend under prudent cost control, although further market share gains may lead to an increase in marketing expenses.
Citi Research believed that the Group's strong sales growth will be offset by lower air ticket price, but the strong momentum may continue.
Citi Research raised its 2024-2026 earnings forecasts for Trip.com Group Limited by 7%/ 6%/ 4% each, and raised its target price on the Group to US$66 from US$55. In view of its solid industry position, favorable margin trend and upside potential, Citi Research kept rating at Buy.
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