Brexit and tariffs weighed on the sector last quarter.
We continue to believe the shares are undervalued.
TripAdvisor would be most affected; Booking and Expedia less so.
We continue to expect earnings to accelerate starting next year.
The narrow-moat firm is fairly valued, and we believe investors looking for online travel exposure should look to undervalued Expedia.
It's enhancing long-term growth prospects in an increasingly uncertain macro environment.
We plan to lower our fair value estimate for the narrow-moat firm.
The regulator is looking at ways to allow retail investment in companies like Airbnb and Uber.