Will TRIP finally see a significant move higher after the June 29 AGM?

I’ve been following Tripadvisor closely and I’m curious what other shareholders think is the most likely event that finally gets the stock moving in a meaningful way.

The market already knows about Viator’s growth, TheFork’s improving profitability, and Starboard’s involvement. Yet the stock still trades at a significant discount to what many investors believe the sum of the parts is worth.

My personal view is that the most likely catalyst is not a surprise sale of the company, but rather a formal strategic review of TheFork.

The June 29 AGM is particularly interesting. Since Tripadvisor and Starboard already reached a cooperation agreement and a proxy fight is no longer expected, it seems reasonable to assume that at least some strategic direction has already been discussed behind the scenes. In my opinion, the AGM itself is unlikely to be the major catalyst. Instead, it may serve as the formal step that finalizes board changes and clears the path for strategic actions in the weeks and months that follow.

The sequence I envision looks something like this:

1. June 29 AGM confirms the agreed board structure and Starboard backed directors.
2. During Q3, the board begins a formal strategic review of TheFork or announces exploration of strategic alternatives.
3. Investors start valuing Viator and TheFork separately rather than applying a conglomerate discount to the entire company. Wedbush recently estimated TheFork alone could be worth around $1 billion, suggesting a meaningful portion of Tripadvisor’s asset value may not yet be reflected in the current market capitalization.
4. Analysts revisit their sum of the parts valuations and raise price targets.
5. Short covering, options activity, and renewed institutional interest accelerate the move.

If that happens, I could see the stock first rerating into the mid-teens during the second half of 2026. A more significant move could follow in 2027 if TheFork is monetized and attention then shifts toward unlocking the value of Viator.

Curious what others think.

What event do you believe is most likely to drive a major revaluation of TRIP, and when do you expect it to happen?