So far, TripAdvisor has signed up 43 small online travel agencies and chain hotels. The company has also made connections with many independent hotels through partnerships. In a report dated March 22, UBS analyst Eric Sheridan and his team said they expect more partnerships to continue being announced. They see 2015 as being another year of transition for TripAdvisor with possible misses on consensus estimates for revenue, although they see plenty of potential for upside in 2016. The reason the UBS team thinks sales this year will be difficult is because the company has been replacing its cost per click ad inventory with a new product that’s lesser known. The UBS team also points out though that the Instant Booking model is heavily dependent on Expedia and Priceline, which means if either of those two companies change their marketing plans, TripAdvisor could see new headwinds. Expedia and Priceline made up about 60% of TripAdvisor’s click-based ad revenues in 2013. Get the full story at Value Walk and Skift