JPMorgan Cuts PT on Trip.com Group (TCOM) to $75 From $90

Core Viewpoint - Trip.com Group Limited (NASDAQ: TCOM) is currently considered one of the most undervalued hotel stocks, despite a recent price target cut by JPMorgan from $90 to $75 while maintaining an Overweight rating [1]. Financial Performance - For fiscal Q4 2025, Trip.com reported net revenue of RMB 15.4 billion (US$ 2.2 billion), marking a 21% increase year-over-year, primarily driven by strong travel demand. However, this revenue decreased by 16% compared to the previous quarter due to seasonality [2]. - The full year 2025 net revenue reached RMB 62.4 billion (US$ 8.9 billion), reflecting a 17% growth from 2024 [2]. Accommodation Revenue - Accommodation reservation revenue for fiscal Q4 2025 was RMB 6.3 billion (US$ 899 million), which is a 21% increase from the prior year, driven by growth in accommodation bookings. However, this revenue saw a 22% decrease from the previous quarter, again attributed to seasonality [3]. Company Overview - Trip.com Group Limited operates as a global one-stop travel platform, offering a variety of services including hotels, packaged tours, airline tickets, accommodations, corporate travel management, property management systems, and advertising services. The company operates under several brands, including Ctrip, Qunar, Trip.com, and Skyscanner [4].