Trip.com probe unlikely to change industry position, says Citi

Citi analyst Brian Gong maintains a Buy rating on Trip.com (TCOM) with an $86 price target after China’s State Administration for Market Regulation filed an investigation on the company for suspected monopolistic conduct. The firm believes the probe could be related to Trip.com’s intervention on pricing of some hotel suppliers. Citi thinks the investigation will likely impact investment sentiment until it is closed but is unlikely change Trip.com’s industry position. The stock in morning trading is down 16%, or $11.98, to $63.71.