The additional TV spending, discussed by the company’s management, pushed Credit Suisse analyst Paul Bieber to downgrade TripAdvisor’s stock to Underweight on Monday. He thinks shares are worth $34, 9% below current levels. TripAdvisor’s stock is down 21% so far this year, including a 3.9% decline today. The higher marketing costs weigh on profits. But at the same time, the company’s big competitors are spending loads more than it on advertising, so it’s not at all clear how effective TripAdvisor’s campaigns will be. Bieber is concerned by the disparity in TV ad spending among the key players in online travel. He thinks TripAdvisor will spend $75 million on TV spots this year and $150 million next year. Priceline and Expedia, though, could spend four times as much as TripAdvisor in 2017, and Trivago, 10 times. Get the full story at Barron's Read also "Why TripAdvisor returned to TV ads after a two year hiatus"